Trouble with lathes and mills is the undeniable factor of weight - my old Colchester Student is heavier than my Locost!
Model engineering lathes like the Myford (and some of the better Chinese imports) are excellent for small accurate work but soon struggle when trying to make car-sized parts.
My lathes are antiques - the Student Mk 1 "round-top" is circa 1953, and I also have a very small Zyto 3-3/8" lathe from the 1940's. Both do a grand job, as long as you compensate for wear and tear.
Spares are getting to be a problem for the Student though - I really need to replace an idler gear assembly in the headstock, but last time I asked there was 1 left in the official supplier and it was near-enough £100 by the time all the shipping and VAT was added (and I couldn't justify that money at the time). It only gets used at top speed anyway and I rarely use that as the noise level is formidable in a small garage!
Don't ignore 3-phase machines though, as they are often cheaper - you will need to provide a 3-phase supply (e.g. a phase converter) but that can be shared between the 2 machines.