I think it really depends on what's wrong with it. I faced the same problem today. My kitchen refrigerator, just 16 years old, quit last night. A bit of detective work by myself and free testing by my trusted appliance guy determined the compressor, in fact, was shot. Given the chance that the oil was burned meaning even replacing the compressor might not make the fridge as good as new and we wouldn't know until it was installed, I went shopping for a new one today.
(I had only three fridges and three freezers so I was in a bit of a panic. )
JKJ