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I've had some that have lasted a loooooong time, but I don't keep track of when I change them so I don't know how old they really are. 1 1/2 years seems pretty short to me, but if a customer hits it it might damage it a little and cause it to fail sooner.
I wouldn't bother spraying it to try and save it. Once they start to wear out they need to be replaced. They are cheap enough.
Dirtychuck, I used to have this problem quite frequently. I am not sure what stopped it unless the meter face was sealed better. I used to open the faceplate up, face it down and spray a small amount of WD-40, Tri-flow etc. on the switch shaft. Then flip it over and do the same thing from the outside of the switch. Keep turning it until it frees up. If not, replace it. They make plastic rotary switches, I think.
I've taken them apart and cleaned them with WD-40. Usually it's just gunked up with rust, etc.
But I've got to tell you it's not worth it unless you need it that day and you don't have a backup.
It takes some time and I more often than not have the darn thing slip out of my hand and fall apart.
I much prefer the Electroswitch brand - they last quite a few years, longer if you use a boot to keep water out of the shaft. I tried the Shelco, which lasted about a year before it wore and got so loose that it pointed one function off from where you really had it set. The plastic ones are too wimpy for me.
You can extend their life many times by simply squirting WD 40 INSIDE the switch. Remove a screw on each bank if there isn't an open spot, and use that little red hose that comes with a new can of spray, and flood them. About every 3 to 4 months does fine.