A two-slice toaster is a simple appliance, but daily use stresses heating elements and the mechanical latch/lever. On design-forward models, owners may value aesthetics enough to justify small repairs, but economics still matter.
Repair makes sense when the problem is minor-crumb tray fit, lever spring, or a simple internal connection-and the cost stays well under the threshold. Replacement is generally the better call when heating is uneven across slots, the latch won't stay down, or the unit trips breakers or smells like burning insulation, because those can indicate element or wiring degradation and safety risk.
Since new toasters are widely available, major internal repairs rarely pay off unless parts are inexpensive and you strongly prefer the exact design. Always weigh safety: any signs of arcing or overheating should push toward replacement.