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I had the same issue with my ~20 year old long-arm Harbor Freight floor jack. It would pump up OK but would immediately settle back down. I took the pump apart and found the problem to be some coagulated oil hanging up the check valve - probably absorbed some moisture in the oil somehow over the years??? I don't know. But once I cleaned it all out and replaced the oil with new hyd jack oil it worked fine. No parts, other than oil, were purchased. That was a few years ago and it still works fine.
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Current rides: 2005 Volvo S80 2.5T, 2003 Volvo V70 2.4NA, 1973 Volvo 1800ES (getting ever closer to road worthiness)
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