This invention is a method to determine the condition of rotating equipment, namely drive spindles, to enable the timely maintenance or replacement of same. The method uses an electrical signal from a vibration sensor mounted on part of the drive train to measure the level of vibration energy when the equipment is rotating under loaded and unloaded conditions. The relative vibration under the loaded and unloaded conditions is used as an indicator of equipment condition. Typically there is more vibration under load when the equipment is in good condition. When the level of vibration under the no-load condition matches or exceeds that seen under load, the equipment needs to be serviced or replaced.