For what it costs, I'd never buy that 7x12 lathe. Instead, look into the
LatheMaster 8x14 or the
Harbor Freight 8x12. They're actually the same machine (same length, actually 8x14), but Harbor Freight measures with the chuck on, when standard convention is between dead centers in the spindle and tailstock.
I've had the Harbor Freight 8x12 for 8 years, and it's easily twice the machine of a 7x12. It's actually my prefered machine over a worn out 1961 Logan 11x24 we have. You can do real machining work in aluminum and even steel on occasion, and I can hold a great tolerance too. I've drilled 1" holes and turned 4" diameter with it. Try that on a 7x12... I've never needed to adjust the gibs either. The only things I've had to do in 8 years other than oil it were replace one bolt I broke, and crimp new connectors on a couple wires.
The lathemaster includes more accessories such as the 4-jaw chuck, faceplate, steady rest, and follow rest. In my 13 years of machining for FRC, I've only once wished I had a steady rest or follow rest, and never needed a 4-jaw chuck or faceplate. The Harbor Freight doesn't include these items, but you might be able to buy it with a 20% off coupon.
The 8x12 can be lifted by two strong people. I have mine sitting on top of a
Harbor Freight 44" 13-drawer tool box that I highly recommend.
There's several other threads here on Chief Delphi on machine tools in this price range if you search.