What do you want to do with it?
If you want to make pens, then $200-$300 is a fine price. If you want to make 20" bowls, then you need to spend more money.
For instance, which describes what you want to do: Spindle Bowl Faceplate Tubework (pens/pencils,etc.) Mass Duplication Ornamental Columns for porches Chair legs
Most lathes aren't "good" or "bad", they are just better suited for the task at hand. With that said, some lathes really aren't suitable for any task. This would be any of the contraptions designed to be powered by an electric drill and the really cheap and flimsy stuff from China. If you intend to turn only spindle work, almost any decent lathe will do, as long as you are able to satisfactorily hold and spin the work at an acceptable speed. If you want to do bowls and larger diameter work, the requirements increase. The capacity or "swing" of the lathe and slower speeds are more critical.
For almost any kind of work, the heavier the lathe the better. With more capital outlay, you generally get a better lathe. If you buy a really crappy lathe that doesn't work well, you may decide you don't like the hobby, when what you really don't like is the crappy lathe. I've never heard anyone complain that they bought a lathe that was "too good". Buy as much quality as you can afford. A Jet Mini is a very good small lathe and can be obtained for $250 to $300.
Barry
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