While I technically agree with
Dave- I have a small turret lathe myself- I can't agree in spirit. A turret lathe, especially one that doesn't come with any tools, makes a very poor choice for day-to-day repair work in a garage or small home shop.
Yes, a "box tool" can knock down the OD of a rod quite quickly. I have several.

But they're expensive ($100 and up) limited in OD (I have a couple that can only do up to 1/2", and another than can only go up to 7/8") and limited to the travel of the turret slide (I think about 4" or so on that model.)
They're also notoriously hard to set with any precision- if you have to get a bar to a precise dimension (say, plus or minus .003" to .005") expect to burn up several test bars before getting the setting down.
On top of that, unless you have a modern or converted box tool that takes carbide inserts (which cost about twice as much) the cutter is notoriously difficult to grind, unless you have- or can make- a fixture and have a good grinder or surface grinder.
Ditto the die heads. A cheap, well-used small die head (up to 5/16" threads) will start at about $300, one that can do up to 9/16" could be $700, and it goes up from there. And every time you need to do a different thread, you have to buy different chasers. Those aren't so bad, at anywhere from $25 to $70 a set. If a chaser goes dull, you virtually
have to have a fixture and a surface grinder or tool & cutter grinder to resharpen them. Or send them in to the factory.
The "L shaped tool" is called a
knee tool- and again, unless you buy a very expensive one ($300 or so) they're not micrometer adjustable. You set the diameter it cuts to by cut-and-try. Need a precise dimension? Expect to spend some material trying.
Drill holders, with few exceptions, are not set-and-forget. Unlike the normal drill chuck in a tailstock, the typical turret/screw-machine drill holder is a V--shaped piece, and changing the diameter of the drill means having to reset the holder back to center.
Remember, on all these tools, they're meant to be set, locked down, and then used to run hundreds or even thousands of identical parts.
Yes, small turret lathes have their uses. If you were closer, I'd give you five times your money for that thing.

But as a first and/or only lathe, for general repairs and part-making? It's slow to set up, expensive to tool up, limited in size and capacity, and can be frustrating to run even for an experienced machinist.
Doc.