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It originally had some grease on the plastic gears that likes to harden up. Everything works on mine except the speedometer is so slow that when I run 45MPH the indicator reads 52MPH. Worse at higher speeds. I added a GPS speedometer on top of and between the tach and speedometer. The tach is probably just as inaccurate.
 

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Good thing, they are a pain to disassemble. My memory might not be severing me correctly, it's been years since I've had one apart. If your bike is 40 it should be a '79. Mine is a, '78 with a '79 (4,500 mile) motor from my '79 parts bike. I believe they are the same (most changes started in 1980). Yours would have a clutch switch and a choke coming up through the center of of the neck stem. When I rebuilt the carburetors for that motor I reverted the choke back to the side lever on the carburetor rack of the '78. There can always be some confusion as to year depending on the manufacture date for half year models.
 
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