We have been very fortunate with donations to Hobart hackerspace. Recently, we had a donation of a sherline 3" precision lathe. ( thanks, Ray! )
This machine was covered in the dust of ages, but the parts are all in very good condition. So, being hackers, the first thing we did was to pull our new machine apart. A bit of a polish on the brass, and a bit of oil in the moving parts, and away it went.
This lathe is quite small and simple to use, but remember - it is a power tool. Remember to wear safety glasses. Think about what you are doing. If in doubt, ask!