I got my 3 phase Rockwell drill press for $15 as scrap. I had to take it apart and clean and lube it and replace a keeper on the feed handle gear. I also bought an inverter to run it. It is rather large floor model gear head drill press.
Including the VFD, cross feed vise and keyless chuck I have less than $200 invested. It will push a 1" drill bit through a steel plate at ~90 RPM. The VFD along with the gear head makes it easy to get the speeds and torque you need.

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