Repair is nearly always cheaper than replacement, in some cases savings can be up to 90% over replacing with new. Buying a new unit or item is often times an extremely costly venture.
The most common repair takes anywhere from an hour to a day to complete. This is not a very long wait compared to the amount of money you could shell out on a brand new piece of technology when it is not even necessary.
With the rapid upgrade cycles which are evident for modern electronic equipment, manufacturers are offering product and spares support for shorter periods. By having your equipment repaired, its service life can be extended longer even after the manufacturer ceases to offer support.
One important reason to repair and not replace is because of the personal attachment that you might have over your unit. Your unit may have been with you during the most treasured moments or it may have helped you achieve difficult goals that would have otherwise been impossible. Whatever the reason, don't let go of something you have a personal attachment to just because you want to replace.
Re-configuration, re-download of applications and moving files are definitely a stressful and tedious process. In some cases, you could even lose important information. Is buying a new unit really worth losing information that you'll likely never retrieve?