I suppose I'm a bit of a hack,too. Unless one is using the equipment professionally where downtime is money lost,run it till it drops dead,then replace it with an 'all parts totally new' engine. All this saying keeping up good maintenance,oil changes,air filters,etc. There is that school of thought that it is much faster to replace with new,rather than wait for going the rebuild route,especeilly if there are clients to contend with. Have a replacement on the shelf, and have time to get the original one tended to This,of course ,does not apply to rare one of a kind or special engines.
Not a school of thought, an economic reality.
A production line with 20 workers pumps out better than 1000 engines a day
That is 50 engines per worker in 8 hours
Which is 6.5 engines an hour
To pull down diagnose the problem order parts & rebuild the engine is 10 hours work in which time the production line worker has made 65 engines.
The profit margin on complete engines is higher than for individual replacement parts .
So from a pure most profit / least cost basis it is always cheaper to replace major parts like engines or hydros than it is to repair them .
From the owners point of view the cost is almost the same, what they save on repair time labour they loose on the extra price of a whole engine over just the broken parts .
The biggie for the owner is less down time & the entire new engine has a new warranty .
If you are the mechanic & doing it in your free time then the least cost will be to repair because your labour time is effectivly free .
From an environmental point of view repairing the old is always the better path to travel but when the environment is up against big business profits, the environment always looses which is why the planet is on it's last legs right now .
Big business make the most profit by selling you a complete new engine.