A capacitor can break down at less than it's rated voltage. If it does, you can see symptoms like you are. It will build to certain level and then drop. Your problem still sounds mechanical, though.
A lot of newer VOM's have capacitor checker ranges. You simply disconnect it from the circuit and read it as you would a resistor.
You might want to go on-line and do some research for your make/model, describing your symptoms in the search. You can also research things like speed control problems, etc.
Also check Craig's List, ebay, etc for used ones with problems. You might find one you can swap parts with. I wouldn't give up, yet, by any means.
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Rich
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