I stumbled on the Lionel LW transformer and consider it the best transformer made to run one loop or up to two trains per loop. Many others have also come to this conclusion and written about its advantages and unique features.
LW transformers output 125 watts for one train or 62.5 watts per train when running two trains per one LW. By comparison a ZW at total 275 watts or divided by 4 gives 69 watts per each train loop. LW transformers put more watts per train than any other Lionel post war transformer. Also the LW transformers are less expensive than other transformers, most of mine cost $30 or so each.
LW transformers are small and compact and I use one on each end of my track plan switch control panel. The use of two separate transformers allows two operators to stay out of each other way verses a ZW that caused congestion with two or more operators for multiple trains running.
LW transformers have a lighted dials which shows when the transformer is putting out any voltage and the light varies as the voltage is changed. The lighted dial makes night operation better showing the voltage at night .
I have run three on my layout for over 40 years. Yours probably only needs the new cord. Most do not need extensive, expensive repairs.
Charlie