Hi,paddler.Send a e-mail to Thrustmaster support if this is possible.They do sell important spare parts.It's not important how old your wheel is but how much operating hours it has.
The T500 has a dual-belt drive system. Frankly, you need some technical know-how to repair it. Or you could contact Thrustmaster support. Just give it a try; the unit is eight years old, and if it doesn't work, you can always buy a new one. You don't have much to lose.