The gears slipped on my P30T, which is a close cousin of the P3, a while back and it's a fairly easy repair - the trick now is to find someone tolerably near you who can do it. This depends on where you live.
Repair and general service is probably better for an inherited camera than DIY, as they can also ensure that the shutter speeds are calibrated to spec and the meter is reading appropriately, as well as replacing the light seals, giving everything a good clean, and generally getting the camera back as close to factory spec as possible.
The P3 is a great little camera for someone getting into (or back into) film, as it is compact, easy to load and all the controls are self-evident. And if you have Pentax-A lenses for it (chances are it came with one), you can let the camera handle exposure for you and concentrate on focus and composition if you so choose. Definitely one worth fixing.
---------- Post added 21-07-17 at 08:29 ----------
Originally posted by stemked I envy people who try and fix older cameras, but it's a labor of love. Same thing happened to my P30T. There are manuals drifting around of course, if you want to do it yourself. But I'm afraid they aren't worth fixing as one can pick up a nice used one, often with a 50mm lens for less than $50 on the used market.
Given that this one is passed down from a family member, I can well imagine that OP might prefer to put the effort into repair over replacement.