Do I repair or replace my broken dryer?

So our dryer just died. It wasn't a sudden surprise as it is older and has been acting up lately. The dryer is a very basic model from 2002 so repairs would likely be easy if I can still find parts (I haven't had a chance to diagnose the issue yet). However, being as the dryer is from 2002, would it be worth the time and money to replace it for a newer more efficient model? We are looking at one in the $500-$700 range with no frills or bells and whistles.

TLDR: Dryer died, is very old, replace or repair?