The cost of repair is calculated to be just below, or at, the cost of replacement. It's unusual, but not unheard-of, to have it more than the cost of replacement.
I've encountered this with TVs, phones, VCRs, stereos, non-Apple computers, cars, and I have heard stories of this applying to buildings and homes, as well.
And I find that infuriating, as it leads to waste.