skimmerhead,
Since you've said that you've been wanting for a while and have now decided to take the plunge, I'd say that patience is a virtue that can pay off. I have wanted a decent used lathe for several years and have checked sale papers, want adds, on0line sights and so forth. Recently I came across a Logan lathe, a 12-36, and I was forced into purchasing it for the huge sum of $500 with a 3 jaw and a 4 jaw chuck, several tool holders 2 live centers and a host of trinkets that just make life easier. My point is, if you are diligent and ask around, visit area tool shops and machine shops you may well come across a deal that will allow you to spend a small portion of the 5k and give you some extra cash to upgrade or add a second machine to your stable.
Edd