I think this largely depends on the purpose of said electronic item. Laptops, especially within the last few years, can be considered fit for purpose despite the advancements made in computer technology and new releases.
There is of course a point at which a repair becomes more impractical than a replacement, but with a good bit of patience and a steady hand, even an amateur repair tech and breath new life into a broken computer.
The idea of "fit for purpose" is pretty important, especially with electronics, as it's easy to get lost in spec competitions when considering the repair or replace decision. When I did Tech Support for a University and would have students bring me broken machines, it was always a personal consultation to determine the best approach for the student. Often they had little or no money to put towards a new machine, and most of the time all they needed was something to write papers on and watch netflix/do facebook-ey things. A newer computer would certainly do all of the above better, but that doesn't mean that first machine couldn't also do it just fine. $80 and an hour of my time to replace a cracked screen beats the student having to spend $400+ on a new laptop.
It's a weird, fine line with modern consumer electronics depending on what is broken - if you can clearly tell what the damaged part is and a replacement less than 1/3rd the cost of a new machine, I'd suggest it's worth investigating the repair option.