Obviously you would like to get it working again if you can, and save yourself quite few hundred $ for a totally new machine.
Is this the lathe here ...... ?
Powerful and easy to use, the Delta 12-1/2 in. Midi-Lathe Variable Speed Wood Lathe has a 1 HP motor with 1725 RPM and electronic variable speed to tackle a wide range of applications with ease. The patented
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Electronically controlled variable speed ? . ( in addition to the belt shift to give the RANGES for speed )
Seems to have a pretty good reputation .
Before you scrap it, might be an idea to talk to a reliable Delta representative to get his opinion on what might be wrong.
I have replaced the electronic speed control printed circuit board on a couple of lathes. . It's not a very big deal and the cost for a new board is about $150. . Just a matter of keeping track of a bunch of different colored wires and getting them back in the right places on the new board. . Bit of masking tape to label where the wires go. . IF THAT is the problem and it COULD be.