If the disc spins and then the CD player displays "Error", then this is a strong indication of a worn out spindle motor. Replacing the motor is much cheaper as I was able to get a replacement from a Chinese seller on eBay for two pounds.
After looking at many motors, and their documentation, RF-300C-11440 had a good chance of working. From the number of sellers offering this motor on eBay, it appears this motor may be in many cheap DVD and CD players.
I was just about to hit that "Buy Now" button when I remembered that I keep a box of recycled motors. I remember seeing one of these motors in a computer CD-ROM drive, so there was a good chance I already had it. Luckily, I did!
These motors are very common, and usually utilised for spinning the spindle, moving the sled, and even for the sliding tray!
Replacing the original RF-300CH motor on a VAM1201J CD mechanism turned out to be easier than I thought. I was able to dismantle the mechanism and gain access to the motor. It appears to be serviceable by a qualified engineer.
The motor came out easily since there are only two torx screws holding it. The spindle flywheel is normally the hardest to remove, however on this mechanism it simply pulls-off easily.
Kysan Electronics in China manufactures the RF-300CH (SN359331) motor. It has a diameter of 24 mm, and body height of 12.3 mm. The shaft is 2 mm in diameter, and is 7.05 mm long.
On the service manual the motor is shown as number 11 in the exploded view, and is part number 4822 361 21492 MOTOR DC rated at 37.5 W.
In the troubleshooting section of this multi-page article, there is a guide showing how to dismantle the VAM1202 mechanism to change the motor.