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That's a pretty high price for that machine, IMHO. The problem with the record players of that vintage, is that the idler wheel (the rubber thing that drives the turntable) is almost certainly shot at this point. The rubber just dries up and ages. Getting replacement parts for these is pretty much impossible, and while there are services out there to repair/re-rubber the wheels, I haven't heard of anyone that's had good luck with one.
This is a major reason why the slightly larger raidio/phono combination consoles are worth so much less than console radios are - the phono part doesn't work, and probably never will.
I have the exact same set I think, although in much worse shape. While most stuff is there, save for some tubes, it's got peeling veneer and damaged dial cover, and needs grill cloth and more. But, then again, I paid a buck for it, so I can't complain too much...
-Ian
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