Do CD players wear out? How about CD changers?
As with anything mechanical moving parts over time will become maladjusted or just plain wear out. The laser in the device will also over time become weaker with use or as in many cases become dirty or its lens opaque with cleaning. Sounds like you have done most everything possible to save your changer. In the 10 years since you have had this device, technology has advanced leaps and bounds in lasers, disc manufacturing and error correction on badly scratched discs. I would think about an upgrade, more than likely your old Cd’s are not bad and still have much life left in them.