Sole F63 stopped running. What's wrong?

A couple months ago, our lightly-used 8-year-old Sole F63 treadmill started making a loud humming noise from the motor. At one point (with the motor cover off to see what was happening), I heard a pop from the motor area and saw a small amount of smoke come out. After that point, when starting up, the belt would move only a tiny bit for a fraction of a second and then stop.

I called Sole and they sent a replacement motor. I replaced it but the problem is still the same. Here's a video of what happens. Turn up the volume so you can hear the countdown at the beginning and look at what it does:

What do you think the issue is? Sole is telling me I now need to replace both the walking belt and control panel. What other tests can I run to determine the exact nature of the problem? I don't have a volt meter, unfortunately.

I probably did not lubricate the treadmill enough in the 8 years we've had it, so that could be the issue. What can we do about it now? Those parts are like $200 each so I wonder if just getting a new treadmill might be the best option? Unless a simpler cheaper fix is possible. I just don't want to be buying unnecessary parts.


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