Kenwood KD-500-Use it or Lose It?

I've had this turntable for 25 years, the last 15 or so unused in the garage. I'm thinking of getting back in to vinyl, and was wondering if I should buy a new arm/cartridge for this table, or just scrap it. Does a modern table sound that different than the older stuff? Why is direct drive considered passé when it was all the rage? Sorry for all the questions. I'm sure I'll have more as I go down this path of ruin.....
I agree with theSoundhouse post. Unless you have the all time golden ear, one can't do much better than this venerable performer. The table is a tank with excellent build qualities, have never seen one of these fail. Put a good arm on it like the suggested Rega, or a Linn and your set for a very longtime. For more info contact Larry at Hollywood Sound in Hollywood, FL, over 30 years into analog playback and has agreat selection of tonearms in all price ranges. Enjoy!!
After Buying an arm and a cartridge, I'd be in to it $500. Would I be better off spending that money on a better table?
There is nothing I know of in the $500.00 range that is going to offer the same level of performance of what you have. If the KD500 was mine I would put a Rega arm on it and get on with spinning the vinyl. Just my nickels worth of advice.
I have a 500 with a micro seiki 505 arm as my second table and I find myself listening to quite a bit. My first table is a Technics sp10 mkll and while there is a difference I am not sure it makes that much difference to me. Use your 500 and injoy it. By the way my sp10 cost at least 5 times the Kenwood and it is not 5 times better. Just my thoughts. Good luck and happy holidays.
Don't forget to replenish the oil in the spindle bearing. For $500 that would give you a killer rig. You'll want to match a high compliance cartridge with the Black Widow arm. The high level Grados or the Ortofon 2M Black should work well.