Jelcos are really good - and for $50 you got a steal of a deal. If there's an electronics shop in your area, they can rewire the arm and probably charge you their bench fee as it won't take them too long to do it.
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rewiring a turntable is not a big deal for the person who is even slightly electrically and mechanically handy, so sell it with the arm.
Do not scrap the arm. That is a good arm. Rewiring is an hour, maybe two, for a competent turntable person. Parts (arm wire) are no more than $20-40 delivered.
Resell it as is or sell the arm as needing a re-wire. I’d not mind doing a re-wire, if I was trying to buy the table. One lazy afternoon later, I’d have a perfectly functioning table and arm combo. Leaving the arm on it, will drive up the resale price of the table, as the ’re-wire competent’ will flock to the table. Looking for bargains, of course. It depends on if the base pillar plug has the original jelco plug in the base, or not. the male din connector, that is inset into the jelco arm pillar and is set screw locked into place... is what I'm talking about.