To be honest the buffing machine isn't going to do an awful lot more than just rubbing by hand with a suitable applicator. Just be careful what you buy , some of the 'paintwork restorers' in Halfords are pretty aggressive and will take an awful lot of time and rubbing to break down fine enough to produce a decent effect. I've used the earier Meguiars paintwork cleaner
Halfords | Meguiars Deep Crystal Paint Cleaner 473ml on old oxidized Saab paint with good success by hand application - the newer version is this..
Halfords | Meguiars Ultimate Compound 450ml
and should work reasonably well with your buffer (make sure you wash the buffer mop first if its not brand new)
You could follow it up with the deep crystal step 2 polish
Halfords | Meguiars Deep Crystal Car Polish Step 2 473ml
or their ultimate polish to add gloss..
Halfords | Meguiars Ultimate Polish 473ml
and then top it off either with decent polymer or wax sealants - there are loads to choose from to suit budget from Meguiars Gold class liquid wax, or NXT wax to Autoglym HiDefinition wax
the good news is that with a 3 for 2 offer on currently you should be able to get the three stages for £30 ish