If you are looking for tools to create precise spaced holes, a drill press is an excellent tool. A drill press allows you to bore at almost any angle without worrying the drill bit would walk or ream the hole out of the round. Here is an article guide that I've written to guide you to buying a drill press.

There are two models to choose from when shopping for a drill press. There are:

A Bench-top drill press
Bench-top drill presses are compact in size and mounts directly to a workbench or on its own stands. This makes it a good choice for small shops.

Floor-model Drill Press
If you are a serious DIY guy or you own a commercial shop, the floor-model drill presses is a good choice. This is because floor-model drill presses generally has stronger motors, contains more attachments or accessories and handles materials better than bench-tops.

While shopping for a drill press, consider the following factors involve

Horsepower or HP
This is the maximum power that is made by the motor. If you are going to drill through tougher material, you should get a drill press with higher horsepower. Drill presses has horsepower from 1/4 to 1 HP.

Size/center drilling capacity
This is determined by the distance from the center of the chuck to the column. Since the press can bore a hole in a circle with a diameter two times the distance from the center of the chuck to the column, the size is listed as twice the distance from the column to the center of the chuck. A 16" drill press can drill a hole up to 8" from the edge of a straight board or at the center of a 16" diameter circle.

Variable speeds
This allows you to drill different diameter holes through different materials without damaging the material or drill bits. Drill presses are available with five to twelve speed settings. The more speed settings, the more versatile the drill press.

The
table
on most drill presses can be raised and lowered along the entire length of the column. It can also swivel 360° around the column for boring oddly shaped pieces. Better presses have large, tilting tables with fences.

Quill travel determines the depth to which the press can bore holes. Greater quill travel allows you to bore deeper holes.

Depth-stops control the depth to which the quill descends and limit the depth of the hole. Depth-stops are good for repetitive boring and dowel holes. The more precise your depth-stops, the more accurate your boring operations.

Accessories/Attachments

When choosing a drill press, check to see what accessories and attachments are standard and find out what other attachments the drill press accepts. If you're just starting out, all the extras may seem unnecessary, but as your skill level rises, you'll appreciate the added functions. Look for the following things:
  • Fences attach to the table and help position stock for repetitive holes.
  • Mortising attachments connect to the quill for drilling precise mortises.
  • Sanding drums attach to the chuck for sanding irregular edges or patterns.
  • Planer heads attach to the chuck for squaring the edges of stock or cutting rabbets.
Drill Bits

The bit is the most important part of the drill press. Without quality, well-maintained bits, the best press won't function properly. When choosing your bits, match the bit to the material you're boring.

  • Steel bits are inexpensive and work well for boring in softwood. Steel bits dull quickly in hardwood.
  • High-speed steel bits (HSS) are harder than steel bits and stay sharp longer.
  • Titanium coated bits cost slightly more than HSS bits, but their titanium coating is tougher so the bit stays sharp longer than HSS or steel bits
  • Carbide-tipped bits are more expensive than other bits, but they stay sharp much longer than steel, high-speed steel or titanium bits.
  • Cobalt bits are extremely hard and dissipate heat quickly, they're most commonly used for boring in stainless steel and other metals.