I have a 50 year old house and 50 year old windows. This winter I noticed that the original glazing had been chipping off and the only thing holding some of the panes in place was paint so I resolved to reglaze the windows this spring (no summer). Should I just replace them? They are pretty air-tight and I did not feel much of a breeze coming through them except for the coldest and windiest days of the winter and a lot of that I attribute to the old glazing. Each window has a storm window but the inside window does feel very cold to the touch in the winter so I'm not sure how much they help. I'm trying to weight the cost of replacing the windows with the savings that I will realize for replacing as opposed to the savings I will get from reglazing.
Here's a picture of the window