Craftsman model # 16644 - Motor runs but has no pressure

Anyone have any ideas what this might be....A friend of my dads said something about a diaphragm....does this sound right to anyone?
How hard a repair do you feel this is....and where and how much might the parts be.
Would I just be better off buying a new one?
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Without knowing what it is, it's a little hard to say.
Bob
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