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A well equipped lathe is a very versatile tool. Turning, drill, knurling, polishing, chasing threads. When I started my apprenticeship in 1967, the lathe was the first machine I trained on. My shop lathe is a 1960s Clausing Colchester, 13" with a 48" bed. I bought it in 2001. At that time, used small lathes were more expensive than larger lathes. Guys with home shops don't have space for a 20" x 84" machine.