Buying First lathe advice

Wow. This is a great question, which should generate a bunch of replies.
#1 Does it have a quick-change gearbox (for threading), or does one need to do the "spur-gear tango"? Quick-change is SO much better.
#2 What is the distance between centers?
#3 How many chucks does it come with?
#4 How many centers does it come with? Gotta have at least one live center.
#5 How much play in the compound, at the limits of its range? A compound free in the center but tight at the limits indicates a LOT of usage.
#6 Does it come with a quick-change toolholder, and the toolholder's inserts?

Give me an hour more, and I could come up with fifty more questions. I surely hope it's good, and that you get it.

I currently have a 12" Craftsman with a 4ft. bed. I also have most of a South Bend 9 with a 4 1/2ft bed I bought for the box of tools and chucks. I sold the thread dial out of the tool box for an 84 buck profit. I already had fixed up the craftsman and it has all the goodies except for a tool post grinder and a taper attachment. The South Bend 9 had it had a motor and the belt pulley parts to run would probably have been ok but it is a 1943 model and the only gear on the leadscrew was the only one that came with it in 1943. The thread dial looked as if it had never been used. If the one you are looking at has a center steady rest ,6" 4 jaw chuck and runs you can part it out if you dont like it. Ive kept all of the tool holders ,chucks but have sold the tailstock steady rest ,forward/reverse tumblers,guards, coumpound rest . I still have the headstock and complete carriage and apron crossfeed assembly and plan to use a belt sander motor and pulleys for the headstock so i can use its milling attachment and plan to use a motor with forward reverse switch and v belt pulleys to run my lead screw for carriage and cross feed. You could be looking at a cash cow even if you use it as a cash cow for a more modern lathe. later on I will mount a bench grinder on a coumpound vice above the bed and also use it as a surface grinder. if you see a taper attachment thats an easy 400 bucks on eBay tailstock 100 milling attachment 300 steady rest 175 and so on. Buy it

If you see all of the goodies and it runs good without too much slack Id bet you can get it for 1200 tops and Id try to get it for a G. If you dont get a plethra of goodies with it they will cost you plenty later. South Bend parts are high. Without the quick change gearbox and center steady rest dont offer a G let it pass
Oh I found mine in a barn and gave 200 bucks for it with dirtdobber nests all over it and offered 150 for the chucks and box of tools the old boy does scrap metal on the side and refused that but said i had to take all or none 200 cash. I was in the car and paid a buck 50 down left with the chucks and tools and went back later in the pickup for it . I pressurewashed it and soaked it for 2 days with acetone/transmission fluid 50/50 mixed and it freed right up.
I got lucky and the thread dial started at $.99 and brought 284. you never know

Back 20 years ago, I jumped at a chance to purchase a SB Heavy 10, made in 1943. I knew it needed work but it was kind of like owning a boat, your never done working on it or spending money. I was great when I got done, purchased for $800 with a new motor, put $2000 into it, sold for $1200 or so. That 9 inch SB is way over priced for me, but some people like to collect them, bear in mind.... you will never get your money out of it. But you can make things with it.... depending on the condition.
IF you want a decent modern lathe, look at Little Machine Shop and Grizzly.

You may want to check the Spindle Bore size in the head stock. This is very important if your planing on turning barrels. The Grizzly G4003G has a 1.57", MT #5 spindle taper.

That's a nice old lathe, but it looks like just a 4 jaw chuck and no tool holder of any kind. You will need a good 3 jaw chuck and more important the mounting plate for it. Missing a lot of things that would make it really worth $1500. Someone will buy and love it, and see my post above about money pit. In the end you will have a flat belt, plain bearing, slow lathe that may or may not work for you.

Well, the quick-change gearbox is a definite plus. So is the SIX-jaw chuck (NOT a four-jaw). And maybe a ball-bearing headstock (cannot tell from the pics). But, no live center, no toolholders, and no way to check the slop beforehand. I wouldn't travel for it, but if the seller could be persuaded to come to you, for your check-out, then offer $800. You'll need to spend maybe four bills for toolholders, etc. And, since it is a Craig'sList sale, have an armed buddy nearby during the transaction, or have it done in a police parking lot.

I missed the 6 jaw on my laptop computer. That had to be an expensive upgrade! I wonder what is behind all those doors? Tooling?
Done a lot of Craigslist deals, no trips to the inter city and no deals after dark is my rule. No one gets in my shop unless I have done some pre-screening.
Oh and I do carry a small 380 Sig,

I did not know South Bend made a ball or roller bearing spindle unless it was in the last 30 years or so. That lathe goes back to the 40's or 50's. Like you said, it will need to have some money spent.

I have the same lathe. As noted by others it has some limitations, especially for rifle barrels. The spindle hole diameter is too small to stick a rifle barrel through. You can do good work on one of these with some rigging and the right tooling (which doesn't come with the one shown), but you really need to be able to check it out in person. The ways need to be checked for wear. I'm guessing you are not equipped for that so you need to take someone with you who is. The stand/tool cabinet is for a larger lathe. Not a problem as it leaves more room to keep accessories handy.

Keep looking. You will find one you can work with with enough tooling so you dont wind up with an older lathe that you have too much money invested in it you are stuck in a rut.
For small work a smaller lathe ,drill,mill combo might be the best bang for your buck.
As stated above spindle bore size is a consideration. Also if you only have one chuck it needs to be a 4 jaw. More time setting up but able to chuck the greatest majority of work performed on a hobby lathe.
The 4 foot bed on my old Craftsman is barley long enough for barrel work and the small spindle bore requires one to use more tooling which = longer setup time and more expense.
Last but Ive always heard if you can only afford one machine it must be a lathe.
I cringe at the thought of adding up what I have spent on my lathe and tooling and though it works for me hindsight screams that the note for a new lathe better suited all around would have been paid off and I would have a easier piece of equipment to set up and use.
I enjoy it as a hobby but I enjoy handloading too. Most of all I love to shoot.
Be safe, do the research, seek and you will find something what works for your needs and your budget too. Good luck is my hope for you as luck is better than skill and knoweledge every time.
I quit going to the Casino and the craps table as luck is just that. I could have had new reliable tools instead of regret lol

I got a Precision Matthews PM1236 with DRO in 2009.
Here is 7 second video

That would be ~$4k now
http://www.machinetoolonline.com/PM1236.html

That is a lathe from China with some interchangeable parts with many brands from China.
I think there is good reason to buy a new Chinese lathe, and yet buy a used American mill.
There are a lot more used mills, and just not enough used lathes.

One of the top bullseye pistol builders bought a Grizzly gunsmith lathe. It is an Asian manufactured lathe and he is very happy with it. He build Camp Perry winners. It's tough to argue with success.

There are different grades of Chinese lathe Imports. The better ones seem to come from Taiwan, but Grizzly has a staff member either in China or monitoring the incoming machines to insure better quality. You do not want a combo mill - lathe.

Ditto on what Clark posted.

"...don't think there are any tools that come with it..." Those are the really expensive parts. However, before you even think of a lathe you need to have a place to put it that has the proper electric supply.
This'll help a lot. http://www.wswells.com/data/9_workshop/CL670Z_army.pdf
Lotta stuff here too. http://www.southbendlathe.com/

I bought the Grizzly G4003G. It's a decent lathe for precision work. I like the tapered and adjustable tailstock for barrels. Both the 3 and 4 jaw chucks are important for various work.

Quick Change Gear Box, Six Jaw Chuck ! Great!
I don't see a Tail Stock though!

I think he has moved on past the old SB. To much money and not enough tooling and accessories.