I'm sure that several others have mentioned this but you have a treasure in that 201!!!! Clean it, oil & lube it according to the manual (if you don't have a manual google it & you'll find free manuals to print out) put in a new needle and you will be in awe. Many sewing machine experts think that is the best machine ever made by Singer.
If it hasn't been used for years it might need 24 hrs or so for the oil to seep in before it starts running smoothly, so don't give up on it. Also make sure the wiring is safe, if it doesn't look good have it rewired by an electrician instead of buying a new machine. A few years ago it cost me $100 to have a 201 rewired & also have it oiled/lube/cleaned-well worth every penny.