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drill press

Look for an old Delta/Rockwell. I found one on e-bay last year i think with a "buy it now" for $60.00 and the person was local. Granted it doesn't go down to 200rpm but a pulley change or two can fix that easy enough.
 
I have a 10% off coupon for Lowe's. Is this one worth the money.


http://www.lowes.com/pd_78742-46069-PCB660DP_0_?productId=3162489&Ntt=drill%20press&Ntk=i_products&pl=1&currentURL=/pl__0__s?newSearch=true$Ntt=drill%20press$y=15$x=28
 
I don't know about any of the stuff made today, all i know is the OLD Delta/Rockwell stuff is a very good choice.
 
Scott has the right idea, look used. Craigslist is your friend. I doubt you'll get a very nice machine new in that price range.
 

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