The bearings in the spindle aren't sealed, they will have metal shields. I have two, I will periodically wipe the spindle (the part that lowers the drill chuck, it has a rack cut into the back side.) with an oily rag and using a syringe, squirt oil around the shaft (the part that holds the chuck). The bearings were lubed when the machine was manufactured but after 50 years they start showing their age. I can probably get the bearing number for you if you need to replace them. If they aren't screaming and clattering I wouldn't bother. Naturally the bearings are proprietary , I got mine from Timkin and yes, they were expensive. They are pretty good light duty machines, much better than current offering.