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Is it a serious problem for a metal lathe to have a broken brackets for motor assembly?

I'm having trouble picturing what exactly that piece would be....

It's a very big problem. You'd need to get someone to weld the old assembly back together (if it's an out of production model), fabricate a new one, or repair it with new parts (if it's still in production).

For a first lathe and with little machine repair experience I'd suggest going for a machine in working condition.

Ask Steve Morrisette about fixing a lathe, he'll tell you what he thinks! 8O I know from my experience that it was not a picnic and I spent valuable time fixing a dying machine. Save up the $$ and wait for the right one to come around and you will be much happier and out less money in the long run.