You dont have to buy a new one. Take the thing outside, hose it out good, (or do it in the sink/tub if the SWMBO wont pUUnish you for it.) Then bring it in, make a fairly strong sanitizing solution of bleach, water and vinegar (recipe here somewhere) and let it soak full of sanitizer overnight. Rinse thoroughly, wash with dish detergent. Rinse thoroughly. clean with oxy clean. Rinse thoroughly. Sanitize and use. Its important to pass some of the bleach solution through the spigot during the soak and leave the nozzle pointed up and full of it during the soak. Then disassemble the spigot ass'y and wash each piece separately as per above process.
Or you can use the bucket for washing the car, go to the LHBS and buy a new one tomorrow for a few bucks. Oxyclean, sanitize and use. Its your choice and your time and money.
