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Look, too, at the column. A floor-standing model, particularly, has to support a lot of weight on that post, so it should be at least 3 inches in diameter and firmly attached to the base. When clamped, the table mount should not wiggle or shift, either.
Moving to the head, check the alignment of the motor and drive pulleys, and determine if there's excessive play in the shafts. Does the belt tension mechanism function smoothly and effectively? Try to ascertain, as well, the motor's amperage draw. A 110-volt motor will use between 10 and 13 amps to develop 1 continuous horsepower; some manufacturers quote "peak" horsepower because it's slightly higher, but that measurement will have little relevance in the workshop.
Probably most important, both for accuracy and safety, is the amount of lateral play in the spindle and quill. Simply put, there should be none when the spindle is lowered to its maximum extent, because any such movement would be exaggerated at high RPM.
Before you buy a drill press, try to get your hands on a display model and make the various adjustments as you would in your own shop. Operate the feed lever and the depth stop, and vary the height and pitch of the table. See how difficult it is to change speeds, and check to see if basic instructions are clearly marked on the tool's housing.
Finally, remember that no major tool is a good buy unless it can be serviced and upgraded. Can the manufacturer or distributor guarantee availability of repair parts? What about work-saving accessories and attachments that make full use of the machine's capabilities? Once you've gotten satisfactory answers to these questions and the important ones involving the tool's construction, you'll know that you'll be getting real value for your money.
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