Does fixing old gear actually save money or is it just a hobby excuse?

Had a chat with my buddy Dave last week after he dropped $180 on a new stylus for a 1978 turntable he got at a flea market. He argued the total cost still beats a modern player, but I did the math with my own receiver rebuild and we're basically even after parts and time. Is the real win the repair itself, or are we just kidding ourselves about the value?

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