If you can sniff out a local model engineering society, you'll often find good quality S/HG machines come up fro sale at keen prices.
If you have the space a larger machine is much nice to work with, and will give you more flexibility.
My Lathe cost £50. It's a Harrison gap bed that can swing 24" if need be. Overkill for subs, but there is no limit with a machine this size.
My Dore Westbury mill cost £100 and is much better than anything you'd get from China IMO.