I bought my Ovation Back in '81 when it was an affordable "cutting edge" decent sounding instrument. Heck, you'd see them played by Ms. Wilson (of Heart) and Mr. McCartney (of Wings) and others. Plus you could plug her in. Nowadays there are maaaaaaaaaaaaaaany pluggable options. But my still O plays nicely.

Have you contacted the Ovation customer service people? Sounds like your problem falls under "Workmanship and Material" unless you've been using it as a Canoe Paddle. They are a good company. You might be surprised and they'll fix it free if you send it to them. Won't happen if you don't ask.

That being said, I've played some sweet, rich sounding guitars lately that sell for around $200. Memphis is experiencing a price war right now. You're close enough.