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The best motor for the least amount of money is a common sewing machine motor. You can usually buy these from a local sewing machine store or if you go to a pawn shop you can buy an entire sewing machine for around $25.00 . Then you can remove the motor and foot pedal and throw the rest of the machine away. You can also buy a motor and pulley from TAIG for around $110.00. For $200.00 you can get a fantastic motor with pulleys from SINCERE or MERLIN.
Is your LEVIN a ball bearing or cone bearing lathe?