Well pump for pit well advice

[Swimmer]

I have had a Sears pump for years that stopped pumping water last year. The pump still comes on and holds water in the pipe, but wont pump it out of the well spigit. I rebuilt the front half of the pump a couple of years ago and it worked great after that. Except for the fact the well ran dry I was pleased with how it ran after I rebuilt the unit.

My question is since its not working now should I try to fix the pump again. Or should I go for a new one, and if I go for a new one are thier any brands other than Sears I should look at. When I bought this Sears used it in "99" the guy said it was new in "97". I have no reason to doubt him. The well itself is a pit well that is down about 16' and has ten yards of pea stone in the pit. I have a 1 1/2" pcv pipe in the well that is used to draw the water up to the well pump. Would a point and galvanized pipe be better? I am in a quandry as to what direction to go in on this. I want to do it right though. So I am asking you all for help.