The sewing machine began to put off a strange smell and some smoke today. It is an older Necchi 544 any ideas on what might be wrong? Fixable?

or is it time to get a different machine?

If I saw smoke, I would unplug it & not used it until serviced. I would think the only thing that would smoke is the motor, so depends on how much to repair if you want to hold on to it.

Depending on how much sewing you do, a sewing machine needs to be serviced just like your automobile. It depends on how much you use it. I had a student once who says she was NEVER told to clean and oil her sewing machine. I had never seen so much lint packed in her machine. I would immediately unplug it and not use it until you are able to take in for an estimate, Good Luck......

It sounds (probably smells) like your motor or foot peddle has fried. The cost of these varies according to your machine. It may end up cheaper in the long run to buy a new machine unless you are especially attached to this one. It cost me $100 to replace my Featherweight motor and over $300 for my Bernina. My Singer foot peddle was less than $30 (a refurbished model).

When my bernina started smoking it turned out to be the computer part of it. Still sews great .. But I can not tell what sticthes or settings it is on!

UPDATE: THE MOTOR WAS SHOT - REPAIRMAN SAID IT DID NOT PAY TO FIX.
This machine was a gift so children I work with could learn to sew- she said it may need some work done.

I know I can buy a used one like it for around 100.00 but then I'm spending $$$$ again. But then they are all used older machines.