John:
Oh, its used alright..
It is a quite a few years old, but maintained well. I have others the same vintage and they still work fine.
The parts inside are very clean, no rust, no salt, nada.
I am actually surprised.
But maybe the main gear is the problem., I think it is aluminum which will wear quicker than the brass gears around it.
It could wear enough to still work, but lose the tolerance to get that little post to trip the baitrunner.