Good work can be produced on an older machine, if it is in good condition. And in the long term, it may prove to be more reliable and longer lasting. Belts tend not be made obsolete, solid state devices, sometimes do.
People produce good work on machines that are upto a century old.
Am I biased? Probably not.
My first lathe was a Myford ML7. It was upgraded with longer Cros Slide, resettable dials, and a graduated Leadscrew handwheel.
Sold because I wanted something larger. A new 7 Series Myford, with the features that I wanted would have cost four times more than the replacement.
The replacement is a larger belt driven Taiwanese lathe. The possible vulnerability are the electronics in the UK manufactured VFD, where the electronic components may be of eastern origin, and less reliable.
(Not so far after 19 years of use )
The other lathe is a mini lathe, so the major vulnerability is probably the control board. Hopefully, feeding through a surge protector, and careful use (Always starting or stopping at Zero rpm and avoiding huge cuts or feeds will keep it running for a long time. )
Nothing is absolutely perfect, but you make the compromises that result in the best fit with your requirements.
I have had involvement with a few older lathes ( Adept, MYford ML4s and a Raglan 5 inch ) and despite their limitations, compared to my current ones, hold them in high regard. Given the facilities that they have, they work very well, and i would be happy to use them on a long term basis..
(One of the machines, provides an income for the owner. One of the others used to ).
You decide what you want to make, and what features will be required to do that, before searching for a machine that meets that specification, and is in a good enough condition to do what you want reliably and accurately..
If in doubt, choose a slightly larger machine. It will probably be heavier and more rigid, and able to cope with your demands when you wish to expand your activities, as you surely will.
Research carefully before spending money.
If a used machine, don't be taken by a smart paint job. All that glistens may not be gold! A shiny wreck will not be as good as a well cared for, dirty machine!
Take someone knowledgeable with you to check it over, before buying!
HTH
Howard