All new stuff. Maybe you can find used cheaper but I couldn't find any in my area and I'm not smart or brave enough to cobble something together from ebay. I paid extra for a human to hand it to me and tell me it would work.
The motor is a westinghouse VFD 1100 rpm 56 frame with 5/8 shaft. The motor guy said I could get a baldor and pay more if I wanted but the westinghouse would out last the baldor. 5 year warranty. It was $145. The reason I chose an 1100 rpm over the more common 1750 or 3600 rpm was cooling. I plan on using it slow most of the time (I simply guessed I would use it around 500 to 600 rpm) and going less than half the rated rpm of the motor doesn't allow for proper cooling. The Delta brand VFD drive (controller) was $360, has an LED readout, on/off, forward, reverse, up/down buttons for programming (plastic membrane type found on a credit card type calculator) and a speed (frequency) knob. 2 year warranty. I haven't waded through the manual yet to see all the programming features but I think I can control the next space shuttle launch from my basement when I get it up and running. Otherwise the guy assured me, wire it up and don't worry about any programming, it's good to go. I feel good about that but I got his business card just in case. The drive (controller) has an option to be used with a remote control - like you'll need that but it adds to the cool factor. It is also openly vented so I'll have to mount it at least a little out of the way of any metal dust and blow it out now and then. It requires 230 volt single phase power in to the drive, converts it to three phase out to the motor. Some minor connection wiring between drive and motor that I'll have the electrician do when he puts in a 230 outlet in my shop. Luckily, the power panel is right there so it's not a big deal. VFD's are reccomended to be twice the horsepower rating of the motor. So if you are going to use a 2hp motor, you need a 4hp rated VFD. Not sure who came up with that one but they should have their ass kicked.
I priced an 1&1/2 hp Baldor VFD and it was $780 sans motor. VFD motors aren't all that much, it's the drive that gets ya. That and you need a 230 outlet. If you are one of the 4 people in the U.S. that has three phase power into your shop (I'd like to shake your hand), I'm sure it would be a great deal less.