It depends what you want to use the machines for small hobby use or some thing that will take a brake disk,engine head? I brought a Colchester student for £375 from ebay, it's more than twice my age but with a near complete strip and regrease it's only problem is 5-10 tho back lash in the tool post. I'd say avoid the small £300-400 toy lathes they'll just annoy you after 20mins. A good clarke/myford type mill second hand you'll be looking at £500-700 but because they fit in a car boot they're sought after and they don't come up often, some times some thing the size of Bridge port comes along at £300-400but then you still need to move it.
As for ex-school stuff I'd say take with a pinch of salt, would you buy an ex driving school car as driven by the worst drivers of all?
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