Jet 12/36

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That is not a true variable speed lathe. It has a Reeves drive with 6 speed settings (I think it is 6 speeds). Don't get me wrong, I own a Grizzly lathe with a reeves drive. Just making sure you know what it is.
 
I had a 1236 for a few years. It's a decent lathe for smaller items (pens, stoppers, small bowls, etc) but the lack of weight limits how heavy (or out of balance) a piece you can turn on it. I turned bunches of 10" bowls on it but I had to make sure the blank was pretty balanced or the lathe would bounce around.
I never had any problems with the Reeves drive and you can even modify the speed adjustment lever to add one more slow speed to the lathe.

Depending on the price it might be worth considering...
 
It would have to be a deal where I paid less than $100 to buy that lathe. Really old technology, and really problematic issues with that cheaply made Reeves drive. Look to Rikon lathes for better machines in the lower price brackets.
 
The Reeves drive on the 12 by 36 was light duty compared to the lathes that were in school wood shops way back. They do need a regular maintenance schedule, or they quit changing speeds. It is easy to break one of the sleeve sides.

If you get a really low price, it can be converted to a variable frequency drive.
 
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