Several months ago I was told my bottom bracket needed replaced and that I should consider just buying a new bike. I compared the price of the bracket with the price of a new bike--and how long it would take me to save up for a new bike--and what would I do if the bracket failed before I got a new bike. I chose to get a new bracket and in fact the bracket failed before the new part had come in!

Since then I've spent nearly as much money on repairs & accessories as if I'd gotten a new bike. The cost is still trivial compared to car maintenance! I'm really in tune with my bike. I know what loose bearings sound like, for example.

I wanted a new bike, and I still do (don't tell my bike I said that, her feelings would be hurt), but being forced to repair the old continually, I've learned so much more than if I'd just gotten a new bike when the bottom bracket failed.