I was recently in this same dilemma on vintage vs new. I had a Dual 1218 that was in good overall shape. I noticed some rumble from the idler wheel setup in that turntable and it just bugged me though the sound with the old Shure cartridge was nice. A Rega Planar 1 popped up on Craigslist for half of new cost and I decided...what the heck as reviews are awesome. Full disclosure...I am a tinkerer deluxe.
First thing was to get some things needed for setup and testing. You can download Rega arc alignment pdf (use the normal Stevenson) that work well. I bought an older Telarc Omnidisc test lp that I highly recommend. I already had a VTF gauge. So I started with the stock Carbon cartridge and was surprised at how good it actually sounds. I did all the alignment steps and got to anti-skating and was like...Awe...the lower-end Rega's have fixed anti-skate. I shall not be deterred. More reading. The magnet is set in the tonearm with some glue that is not hard to twist and break the magnet loose. Done. Now, how to make it adjustable. Simple. In the garage I had a box of harbor freight green hnbr orings. You want these instead of normal (I tried both). You simply fit an oring that has to stretch a lot to get around the magnet. Then you just place it about half way to start and put the magnet back in the hole. The oring compresses (it makes sense when you see it) enough to hold it in place.
So using the Telarc disk, which has a track especially for setting the anti-skating, I adjusted my "non-adjustable" Rega until the buzzing started in both channels at the same time by using tweezers to pull out the magnet a bit or a pencil to push it in more. Anti-skate set. Why do this? Because for $250 and a test lp and some willingness to tinker, I am overcoming things Rega did to hold the performance of the Planar 1 at a lower level relative to their other offerings when it has more potential still in it. Next thing for me was to go ahead and get the Nagaoka MP-110 cartridge, which I do like better than the Carbon. I am super happy with the sound and feel like this was an incredible bargain and now that I did this I would not go down the vintage route unless I was truly stuck on having a vintage looking turntable...which I totally get is a requirement for some. One more thing you should know about the Planar 1. The slots in the tonearm cartridge head are purposefully short so you can't mount many other cartridges in it and keep the alignment correct. I happen to have a micro lathe with a mill attachment. I elongated the slots and the small recess that runs along the top for the nut to slide in. Now I can put any cartridge in and I can also experiment with alignments like Baerwald that needs to move the cartridge out more. I want to say though...I don't think this is needed. Get the MP-110 cartridge and be done with it using the normal Rega alignment. The mod to allow setting the anti-skating however is well worth doing. So for me, I am at $365 total and am just blown away by what I have in sound quality and just pure enjoyment of rediscovering vinyl.