or repair it in hopes of getting more use out of it?"
Here's some tools to help you make the best choice.
What kind of history does your appliance have? If it has been basically trouble free & worked well for you, then you might consider investing in a repair. But, if it has had frequent problems or never performed to your liking, then you may want to buy a new one.
Ease of service versus replacing. Do you enjoy shopping for a new product with new features or would having a technician coming to your home at a prearranged time be more convenient?
Total cost of a new appliance. Retailers offer great deals on new appliances these days but things like delivery charges, cords & accessories, warranties and sales tax can add up to be much more costly than the advertised price. For a nominal service charge, your appliance can be diagnosed and an accurate repair quote will be given.
How does age play into the equation? We all know that after a certain amount of wear and tear over time brings a product to the end of its useful life. Older appliances were built much stronger and tend to last much longer only requiring simple repairs while newer units are built much lighter in order to be more energy efficient.
"....I feel like the price of everything is skyrocketing these days... but I have found that many times appliances can be repaired for a fraction of the cost of a new one..."