If you really want to keep it, try to get the seller to agree to pay for at least half of the repair cost, and have a qualified facility inspect it.
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I have been using a first generation Proceed CD player since 1989. A few years ago, I had to send it back to Madrigal for repairs because of the same problems you are mentioning. I forget exactly how much it cost, but I know it was less than $120.00 with shipping. $1600 was alot of money for a CD player, and I suppose I could have been mad at Madrigal because it broke down, but they didn't mfg. the transport assembly, Phillips did. I wouldnt be surprised to find out that all of these transports have similar problems after heavy use. It felt good to know I had chosen a product from a "normal" company that could actually fix it with no fooling around. Unfortunately, your player is broken, and I would bet that the previous owner just didn't want to deal with it so he sold it. I wouldn't let anyone but Madrigal mess with it. I am still using mine everyday.