A dollar well spent
You got a real gem there and for just a buck! These are great little handhelds, built just as tough as the metal Royal uprights. They were made from the mid '60s on up into the late '80s. The early ones have gray handles with red and gray cloth bags, while the later ones have the light blue color scheme like yours. I'm going to guess yours might be from 1986 or 1987 as it does not have the switch guard that my 1988 model does. It's just a little angled piece of metal that screws down under the nut that holds the switch in place and has a blue soft plastic cover on the upright part that matches the plastic on the handle.
In answer to your question, they do still make belts for these machines, but what they don't make anymore are the brush rolls. Replacing the belt is a little tricky. There's a little tool (readily available online) that will help you get it over the motor shaft but a big, flat blade screwdriver would work just as well. What's tricky is getting the belt twisted the right way. If you get it twisted the wrong way, it won't stay on the shaft. I had quite a bit of trouble with this, perhaps because I'm left-handed.
One other nice thing about these machines is you can choose to use the cloth bag as a shakeout bag or you can get disposable paper bag liners to keep the cloth bag clean. I thoroughly cleaned both of mine and use the paper liners. You don't have to make any modifications to the machine to use the paper liners but for some reason, it's easier to attach the bag with a paper liner in place if you turn it upside down so that the printed side of the bag is facing downward when everything is locked into place.
