Repair runs $150 to $500 and replacement $1,500 to $2,500 at typical local depth. Under about eight years, repair almost always wins. Past twelve, with the pump already out of the well, replacement usually does.
The reason the gap is that wide is that most failures are not the pump at all. A pressure switch, a control box, a length of drop wire or a pressure tank each produce the same silence at the tap as a burnt motor, and each is an above-ground part reachable with a meter. Fayetteville Well Pump Repair tests those first, because pulling a pump to find out why it stopped is the most expensive possible diagnosis.
Where the pump genuinely has failed, three things decide the answer. Age against the 8 to 15 year service life normal here, which the well record dates. Depth, because the labor of pulling and resetting is most of the invoice and it is spent either way. And whether the cause has been fixed: a motor that failed at four years was mis-sized or short cycling, and fitting a replacement without correcting that simply restarts the countdown.
The hidden arithmetic is the pull itself. Once pipe and wire are on the ground the marginal cost of new pipe is small, and past 150 ft the drop pipe should be Schedule 80 anyway, because Schedule 40 stretches under the combined weight of pump and water column. Reusing tired pipe to save a few hundred dollars buys a second full pull later.
So the honest version of the question is not repair against replace. It is: what failed, has the cause been removed, and is the well already open. Answer those three and the decision makes itself.
Related questions
How do I know if it is the pump or something else?
2 minutes with a meter across the pressure switch settles most of it. Voltage arriving and none leaving means the switch, which presents at the tap exactly like a dead pump.
Is it worth replacing pipe and wire at the same time?
Usually yes, because the pull is the expensive part and it has already been paid for. Past 150 ft the drop pipe should be Schedule 80 rather than Schedule 40.
My pump failed after four years. Is that normal?
No. 8 to 15 years is normal here, so a four-year failure points at mis-sizing or short cycling, and replacing the pump without fixing that repeats the failure.