There's an electric motor shop around here that will re-wind a motor, maybe if you've got one in your area, they'll give you a little something for it, or possibly even repair it for less than the cost of a new one....
At my job I get motors rewound occasionally. Unless it's at least a high-quality 10 HP AC motor or a really expensive specialty DC motor it just is not cost effective to rewind.
Somebody somewhere really wants your motor to sell to the crusher.