This is a work in progress, I'll be updating it when new questions come up that I didn't think of at the original time of writing this.
A few good questions you need to ask yourself before getting into this hobby.
Q "how much room do I have?"Games take up a lot of room. its easy to spend money and have a room full of games but that doesn't leave you any room to walk around. Plan out the area you intend on using for your arcade before you start buying. Also know the general dimensions of the machine your looking at before you buy it. theres not much worse than spending a few hundred dollars then finding out your basement celing isnt tall enough or theres rafters blocking it from getting into your arcade.
Q "how much work does this require to restore?"While yes it's a good idea to pick up broken games and fix them, you also want an idea of what the repair costs are going to be on the particular machine your looking at. For instance if its a incredibly obscure game the parts for it aren't going to be as easy to get as a really common mass produced game. So don't automatically assume all the parts are going to be cheap.
That said if you love the machine and are willing to pay a little more to have it working right and look great more power to you but be aware some items are costly to replace.
Q "How much time do I want to spend on a restoration?"This is a highly dependant question you need to ask. The reason I bring this up is, lets say you purchase a machine that needs a ton of work, new bumpers, all new drop targets, every single part is grimy and dirty and needs cleaned, its missing a pop bumper, ect.
If you don't have time to work on it the machine is going to sit there, and sit there unplayable and be in the way if you don't have a lot of room. While its sitting there broken and unplayable your not enjoying it and its in your way.
Also keep in mind that if you don't have spare parts, and im not saying run out and buy a ton of spare parts. but if you dont have the spare parts you'll need to wait on shipping times which can be anywhere from 3 - 7 days usps and i believe 3 - 5 via ups.
recap on this question, if its not working its taking up room, have an idea of how much time you want to devote to the project, and keep in mind shipping times.
Q "How do I find games?"The answer to this question is network. Make friends with people who are in this community. They can be invaluable for leads on games and can give you much needed advice or at least point you in the right direction on repairing and or restoring a game if your stuck.
Q "How do I know what specific part goes into the machine?"This is an important question, but also an easy to answer question in most cases. Games come with manuals, usually this information is recorded in the manual. If you can't find a PDF online it's some times possible to find the manuals on ebay. Or you can try asking the nice folks here and we'll see what we can do to assist within reason.
Q "Where do I find parts?"One major supplier is Suzo Happ formerly known as Happ controls.
http://na.suzohapp.com/#&panel1-1On the main page of John's site he's made a good list of links that may or may not be helpful to you.
http://www.johnsarcade.com/other_stuff.phpQuestions update 1/10/13
Q "Should I buy new or used? This is a complex question. From a money stand point, are you willing to buy used learn how your new machine works, repair things that are broken? Or will you have to source that out to someone with the knowledge that may or may not be in your local area making it even more expensive. Used games generally have issues or the seller probably wouldn't be selling it. This
isn't always the case as there is deals to be had but its like a used car, if you don't know whats under the hood you might want to have someone with you that does so they can help you price what its going to cost to get the game even playable.
This can be to your advantage too as they can help you talk the price down a little bit. A little elbow grease can make a OK machine into a great machine.
Or
You can go the MIB route {MIB = Mint In Box} route. New pinball machines usually range in the 3,500 - 4,500 - 5,000 {remember shipping}. While this is rather expensive the machine is pretty much guaranteed to work. Stern tests there machines and offers a warranty protecting you from it breaking down. Older machines don't have a warranty and are sold "AS IS" if it breaks its all on you unless your buying it from a reputable dealer that offers a warranty on the machines they sell.
Either method is going to take cash, the used method has more time into it checking it over and possible replacement costs on parts to factor in. Nicer older machines are going to cost more than what it call "patchwork" machines where the machine has been patched together incorrectly until almost nothing on it works. The price is cheaper but your going to be in for the log haul on some of these patch work machines to get them going.
While they might require repairs I still think that there's a certain sense of accomplishment about fixing your own machines. It's that little bit of cleverness figuring out how its broke and knowing how to fix it finding the part and putting it back together. Which is far more interesting than it just being pulled out of a box and set up. Faster yes but it's not really as rewarding as bringing the machine back to life.
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Thats all I've got for the moment. As I expand my knowledge and think of new things to add or get suggestions ill update this list.