Stay away from that little graco es - not worth the $$$ they are asking, these days - go bigger for the price, rebuild/packing kits for the pistons are readily available from most authorized retailers, pistons/seats/ball intake valves are also available.
Open up the control box on any older sprayer and look for burnt wires or charred pc boards, make sure the pressure switches work.
Pick up a 5000psi pressure gauge and hook it up to a gun/hose and run some water through any sprayer you intend on buying - it should cycle up to 3000 or so psi depending on the model and HOLD pressure for AT LEAST a minute or two before having to cycle again. If the pressure drops more than 100psi the pump should cycle, if it doesn't hold pressure then the fluid section (piston/packings) will need to be attended to.
Use factory repair kits (graco, titan/speeflow, spraytech, etc...) - cost a bit more than the knock-off Bedford kits, but are worth the $$$ in long term use.
The electric motors are rebuildable at any good e/m service company - pretty straight forward... also make sure the plug has the ground prong intact (its a big deal)...
DO NOT PURCHASE THE CHINA MADE AIRLESS SPRAYERS FROM THE BOX STORES - they are junk and are not worth rebuilding.
Do not point the spray nozzle at you or anybody else - site injection poisoning is no joke and can turn into an amputation if not attended to immediately. these sprayer will go up to 4-5k psi on some models and are dangerous if not properly handled.
Gun tips make all the difference when doing finish work - if you have a sherwin williams or other propaint store in your area that sells sprayer tips and accessories, go talk to the manager (he/she will know a whole lot more than the part timer)...