If there are any capacitors in this unit they need to be tested. Before You mess with ANY capacitor, You need to short the terminals to keep from getting shocked if it has stored a charge. You can give them a rough test by removing the wires from the terminals and testing with an analog [the old type with a needle] ohm meter set on low ohms. When You put the meeter leads on the terminals they should read infinant resistance. Then You reverse the leads. The needle should jump then return to infinant resistance. If oil is leaking from the casing, that is a bad sign. Additionally You need to make sure all the internal connections are making good contact. If there are wires that flex when that "thing" moves, be sure they are not fraying from the flexing. If You are using old rods that might not have been stored properly, try some new ones. I had a similar problem with My old Forny welder once, with the bad caps it wouldn't strike a usable arc.