SOURCE: I have a sony TC 530. Fast fwd and rewind work
You need to replace the motor run capacitor. It's a small aluminum can looking thing with three wires right next to the motor; they often leak paraffin wax into the bottom of the case when they overheat. Whether or not yours has leaked it's easy to replace if you can use a soldering iron. Search eBay for a Sony reel to reel 1.5uf 250VAC motor run capacitor - they're less than $15 and come with detailed instructions.
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SOURCE: Sony TC 530 tape speed problem
If it's slightly faster than normal, that's fine. You'll just need to check the rollers and tighten them slightly as well. They might be loose or sort of that.
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