Quoted from snaroff:Yes...the LED in these cycles don't last forever unfortunately. I purchased a new one on Amazon for $25 back in August. Looks like it's still available, however the price is now $35 (for the 2011 yellow/orange). The 2010 blue Lightcycle is no longer available.
Disassembling the cycle and fiddling with it didn't seem worth it.
Got a link to the right ones? Are they all set to plug & play, or is this another "art project" to convert a hotwheels toy to a pinball mod?