Repair or Replace Water Heater?

We have a (guess) at least 10 yr old Rheem electric water heater (40gal) that has a defective bottom heating element. I have also drained this guy to remove sediment. I can repair this guy for about 20 bucks. With the electric bill being the biggest priority would changing this guy out for a new 50 gal Whirlpool - link to Lowes http://www.lowes.com/lowes/lkn?action=productDetail&productId8414-135-EE3J50RD045V&lpage=none
Energy efficient; auto adjusts to water usage patterns/4 operating modes; .95 energy factor - would this save us power vs our older unit which does currently have a manual on/off timer that turns the thing off while we sleep? I realize 50 gal will use a little more than the 40 gal (50 gal is probably the perfect size for our family; but the 40 gal is sufficient) but has the technology changed at all in the last 10 or so years to make these electric heaters more efficient? Thanks - Bill
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Bill wrote:

http://www.lowes.com/lowes/lkn?action=productDetail&productId8414-135-EE3J50RD045V&lpage=none
Check the anode before you make your decision. If there's still aluminum or magnesium left, replacing the anode should make it good to go. If it's down to the wire, it's a crap shoot and I would vote for replacement.
nate
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Bill wrote:

http://www.lowes.com/lowes/lkn?action=productDetail&productId8414-135-EE3J50RD045V&lpage=none
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Replace the element . Tanks should not be replaced unless they leak.
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Depends on how the wallet is doing today. For 20 buck, you may get another few years out of it. If not, it is not a very big loss. At $75 or more, I've vote to replace.
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check if there are any energy numbers on OLD heater and compare. Insulation on old heater was likely fiberglass, new tanks generally use foam, a much better insulator.
advantages of new tank, being new should be more dependable somewhat more efficent, and larger size gets you more hot water. plus you may see big gains if the old tank has sediment that cant be easily removed by draining. around here sediment doesnt drain it turns to rock inside tank:(
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