I bought my Handy brand bike lift back in 1994 when I bought my bagger. I had to drag it out from under the bench a couple weeks ago to raise a drill press up to the bench. It wouldn't raise. It had been a couple years since I used it. Handy Lifts were made at Marshalltown Iowa about 75 miles from here. Another company took over operations and found that there is a kit to replace the O-rings and make it lift like new.
I also bought a valve stem kit to fix the pedal so it wouldn't leak air. I got the cylinder repaired but had a problem with the pedal. I was going to need to replace it.
The lift has held up well for 24 years. The turquoise bike in the background in my signature picture is on the lift.

 

Had the same issue with my lift ( not handy). Didn’t use it for two years and had to replace the o ring....works great now.
I try and raise and lower it a few times a month if I’m not using it..