Should I replace Entire Faucet?

[Robert P.]

Tenant just alerted me that the kitchen faucet began dripping from the spout into the sink. Went by and it actually pools up around the base as well. 

I'm sure I could change the cartridge and rings inside to fix, but I could also purchase a brand new faucet for under $50, too. The current faucet itself is pretty old.

Question - Should I just fix the current one, or swap out and replace it with a new one? I am thinking long term (if it helps, they are great tenants who take extraordinary care to the property)

Thanks!

[Jason V.]

@Robert P. One thing to keep in mind: your time has value. So if you can save $50 by putting a cheaper faucet in, but you have to go back to fix it/work on it every couple of months (call it a couple of hours every couple of months, or even a couple of hours a year) how much have you really saved? Even if you only 'pay' yourself $10/hour, you've already 'lost' money. If you spend an extra $50 or $100 to get something better quality, and then never have to touch it for the next 10-15 years, I think that's coming out way ahead.

And if you ever want to call a plumber instead of doing it yourself, well, he'll charge you more than the faucet just to show up at the house.