Few transformers fail due to old age per se, but rather as a consequence of external faults, short circuit faults, insulation failure (dielectric failure), local overheating (causing gassing) or accessory failure (e.g., bushings, tap changers, coolers, surge arresters).
Repairing a transformer instead of replacing can substantially reduce investment costs and provide a faster turnaround than buying a new transformer. In repairing old transformers where the manufacturer may no longer be in existence and/or the design is obsolete and a like for like new replacement cannot be obtained, there may be significant savings in infrastructure costs and civil works in using the existing tank and design.