Michael: Tony's UK lathe site has some tips for buying a lathe.
Dave at Mermac says you can't take too much time examining it. I don't buy it (as an HSM) since I only planned on bring home ONE 1500 pound lathe in my lifetime (ok, maybe 2) ... and I do precision work.
You've gotta ask yourself several things also:
1) what are you going to make with it?
2) do you want precision when you flip the switch or are you prepared to rebuild (esp. grinding the ways, etc.)?
3) how much are you willing to pay and don't forget that tooling can easily exceed the price of a used machine
Here are a few points I've used and would suggest to give some feel of condition and precision:
1) listen to the machine in all speeds, one spindle bearing can cost $1500 or so on some machines (probably more on larger machines).
2) measure runout at the spindle nose and taper
3) indicate a flat, unworn tailstock way from the carriage while traversing up and down the ways (level of concern should be based on tolerances you need to hold, size of parts and whether or not wear is in the front V only or both front and rear are worn uniformly)
4) if cutting threads, examine the condition of the leadscrew, feel the halfnut engagement
5) examine the cross slide leadscrew
6) check the cross slide fit near the area it would be in for small diameters and then further out, noting difference in cross slide play and fit
7) this may be a bit much but if you plan on facing large parts ... check cross slide perpendicularity to spindle ... refer to the machinery rebuilder's book or indicate a parallel held in a 4 jaw, rotate 180 and adjust parallel for same reading at 0 and 180 degrees ... then indicate along the parallel from where the cutting tool would be about on the center line to about half the swing of the machine
8) general condition ... are oil levels all up, is the machine oily or one of those that served in desert duty ... any signs of grinding or abrasive slurry?
9) what power does it need and can you supply it?
10) tooling, rests, etc. that are proprietary and costly (especially gears)?
These comments are based on closely examining three or four machines in the 12" - 13" range, bringing one home, taking it back
and finally, landing a very nice Harrison M300 recently
Den