The PS5 is generally built for a long lifecycle, so targeted repairs can be sensible if the console is otherwise in good shape. Common real-world issues like a damaged HDMI port (often from cable strain) or disc-drive faults can be repairable, and fixing them may preserve your library and accessories without the cost of a full replacement.
Replacement becomes more attractive when there are multiple symptoms at once-overheating shutdowns plus drive errors, or repeated power failures-because those can indicate deeper power-supply or board damage. Also consider usage patterns: dusty environments and restricted airflow can accelerate thermal issues.
If a reputable shop's quote stays below the threshold and you don't see signs of liquid damage or previous repair attempts, repair is usually the lower-cost, lower-disruption option.