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The 2 cobramatic changers I've owned both worked fine after a recap and getting the mech working...If you haven't recapped it yet that would be my first move. If it has fresh caps check tubes and resistors. If it still sounds bad try injecting audio and seeing if it still sounds bad. If it sounds bad with injected audio the problem is likely in the speaker or output transformer, but if injected audio is good then either the cart or the osc circuit that converts it's output to audio is bad.
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