Buying second-hand is all about the risk of exchanging good money for a heap of junk. Bargain if the lathe is in anything like reasonable condition, a money-pit if it needs significant work, but scrap value and breaking for spares would reduce the loss if it turned out to be scrap metal.
The external appearance of a lathe doesn't give much away. Only the bed and lead-screw are open to view, and close inspection may be needed to see important issues. A long working life followed by being neglected in a shed can result in poor looks, but leave the machine in good order where it matters. On the other hand, we see quite a few old lathes on ebay that have been tarted up with a strip down and clean, rust removal and polish, body filler and paint job. Done well, these look 'as new', but actually require major 'under the bonnet' remedial work: they could be expensive junk. Don't judge a book by it's cover!
Machines like the Colchester sell remarkably cheaply considering how much they cost new! Unfortunately although the lathe may be cheap spares parts aren't. Beware, it can cost a great deal more to repair a machine tool than it cost to buy it!
Potential expenses:
- Faulty electrics: wiring, capacitors, contactor, switches, terminal box. Earth leaks due to degraded insulation. Possible need uplift to current safety standards.
- Likely to be 3-phase, requiring a VFD or other converter. Some machines are electrically complicated, for example, having a two speed main motor, and a coolant pump, and a work-light in a combination that works well from a 3-phase main, but can't be driven with a simple VFD. Usually motors can be easily converted from star to delta, but not all.
- New motor needed
- Missing Change Gears and other parts
- Replacement belts
- Worn bed requiring a regrind, and compensating adjustment of the saddle and tail-stock
- Worn head-stock bearings, lead-screw, half-nuts, cross-slide screw, gibs
- Worn out clutch
- Mangled gearbox, jammed, stripped cogs etc,
- Misaligned head-stock
- Physical damage, typically due to the machine being dropped or toppled whilst being moved in the past. Cracked cast-iron, sheared-off controls, bent spindles etc.
Few of these are show-stoppers in themselves particularly if doing up old machines is your hobby. But costs add up. Taking a year to bring an old girl back to life when you already have the tools and cash needed is one thing. But many of us have other urgent interests, limited facilities and small budgets – the last thing I need in my workshop is a major restoration project.
I think the best way to identify serious faults is to see and hear the machine cutting metal. If it cuts a straight acceptable finish, and all the controls work, and nothing sounds bad, and there or no electrical tingles, or smoke, then there's a reasonable chance it's a good 'un. Stiff controls, crunching, slipping, jambs, jumping out of gear, hot bearings, failure to face or turn straight, all suggest bad news. But you need to know what to look for: it's much easier to identify actual faults as opposed to maladjustments and operator error when you've used a lathe or mill in anger before.
Considering risk, I like to identify "my appetite for the worst possible outcome" For £300 that Colchester is a pretty safe bet in my book. Apart from lack of space to accommodate the thing I could bear the time, inconvenience and money down the drain if it was a dud. Probably not for someone short on cash and time, who has an immediate project to start.
Dave