My first lathe was a brand new 12X37 made in Taiwan Althought I've turned some really big things on it, it didn't part all that well, and the threaded spindle limited me on some projects. I even swung 4"X2"X3" aluminum billets off-centre with the 4 jaw chuck, and managed to do good work. However the belt change and the parting problems and smaller bearings that heated up quickly limited my lathe time and was a pain... (750 lbs 1.5 HP)
So I bought a used 14X40 gear head with a D1-4 camlock spindle. Chinese made, instead of Taiwan in the 12X37. Other minor shortcomings, but a good lathe nonetheless. More (sorta) than I would need. However it was used harder than I do, and not maintained at all. Lots of fixin' to do. (1600 lbs, 3HP)
THEN I got a chance on a used 15X60 LeBlond 7.5 HP at 3400 lbs in showroom condition. A bunch of easily corrected quirks, but a real solid lathe. But will I sell the other 2? Probably the 14X40 (once it is fully fixed), as it is now redundant. The 12X37 has a LOT of tooling, including 3 different tool posts, and even if it is a pain to use, I still love my first machine tool. sigh. The guy I bought the LeBlond from used his SB 9A right until the end, even with the LeBlond right beside it. Goes to show that small lathes can be great, even when you have a bigger one.
Moral of the story: if all things are (nearly) equal Buy the Best quality you can afford.