In reply to wintertree:
> Do not spray anything that smells like Scaletrix with WD40. As another poster said, the smell could be indicative of ozone; another possibility is overheating coil wire in a motor giving off chemicals from the insulated coating. In either case WD40 could go boom boom bang.
And intense UV can decompose some solvents from something mildly bad for you to something deadly, probably not a big deal with WD40 but spraying but you never know. I remember reading a few years back an accident report where someone had died of pulmonary oedema having tig welded over an unfamiliar brand of brake cleaner he'd used to degrease the metal.
OP: Likely the motor brushes. By the sound of it it's had a good life but they may be replaceable. Chances are the next lot won't last long though if the commutator is pitted and burned. Could be an overheating winding, I've had that with a saw which had a bad crimp connection in the motor, smells different but still distinctly 'electrical'.
jk