When I started I had used most types of wood working equipment, but I had never done anything with a lathe so I started out with something inexpensive just in case it was beyond my skill level or if I just didn't enjoy turning. So, I bought a 1/2 HP Central Machinery 10 x 18 benchtop lathe from Harbor Freight. Along with a 20% coupon, I think I only paid about $200. (It is very similar to the Excelsior Mini Lathe from Rockler -- manufactured by Burt Group I think).
It didn't take me long to decide to buy carbide tools after I priced a set of good tools and a sharpening system. Plus, I don't know where I would put a slow speed grinder and a Wolverine system for sharpening.
After about a year of moving the belt to change speeds between turning, sanding, and finishing, I upgraded it with a 3/4 HP Variable Speed Conversion kit from Penn State Industries (PSI). I think it cost about as much as the original lathe did. It was a significant improvement.
Then, after another couple of years I got a very nice birthday gift (and company bonus) which I used to get my current lathe, a 1 HP JET 1221 Variable Speed. It has served me very well and the only thing I sometimes wish I would have done was to buy include the extension bed to give me just a little more capacity - up to 43-inches. But I didn't (and still don't) have enough space in my workshop to accommodate it.
Of course, that is just my story, there are of course many good, quality lathes on the market such as Shop Fox (essentially the same as Grizzly), Rikon, Powermatic, Laguna, Delta, Nova, and PSI's Turn Crafter just to name a few. I am sure you will see these brands across the posts to your inquiry.
Best Regards, Dave