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Buy a used Bridgeport mill, our machine shop sells them off when they are 'worn' out for 'precision' work, but still perfectly good for home use.
I find lathe work less common, a small one would be nice but it is cheaper to find a local shop to do these jobs. Just the tools alone make it impractical.
You should be able to get a good sized used mill for $3-4k (with no digital readout.)
Got three phase power?
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84 Cab - sold!
89 Cab - not quite done
90C4 - winter beater
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