We've got the same problem since Challenge won't support such an old model. Never had the knife slow down like that, but it seems like a hydraulic issue. We were lucky enough to find a cutter service tech around here who has the know-how to do the repairs and connections to get the parts. When he retires, our Challenge 305 will be viable only until it's final breakdown. Have you researched any local cutter service providers? That cutter of ours has been "old reliable" for many moons and hard to unload as long as it keeps going!