Dad's vise was looking mighty beat and rusty. This will be coming with us on the boat for woodworking so he asked me to rejuvenate it. I broke it down into pieces, sanded most of the rust off, scrubbed it all down in a sink of screaming hot soapy water, dried it off, coated it with a rust remover (contains phosphoric acid,) wiped it down, taped up the requisite areas, gave it two coats of Rustoleum spray paint (one half at a time since it weighs like 30 pounds it had to be done in stages,) and finally coated the exposed metal with T9 Boeshield (An oil made by boeng that dries on for a nice long term oil coat.) Fun huh? A few hours labor, $10 in materials, and the better part of a week in dry times and it works fantastically, and looks great. He later attached a couple of boards since it is a wood vise and they protect that which is being clamped.
The moral is that something that looks bad, and works poorly, can often be fixed and made beautiful again. Remember that the next time you throw something away because it's broken. It may be, it may not. I've taken several vacuums home that were on a street side only to have them work after a thorough cleaning. No parts necessary. Never doubt the abilities of good cleaning and lubrication.