If you really love your machine and how it works, I would say do what you can to get it fixed. If it is beyond repair then go with a new machine, but try to get it fixed first. I have a 1957 Brother that looks exactly like a featherweight. I love it and when it broke beyond where it could be fixed, I kept it and waited until technology caught up. Now I have my favorite machine back. I love it even though it only sews in a straight line. Oh, but what a straight and perfectly stitched line it sews! Trying to find a machine that we 'love' can be very hard and replacing them can be very difficult. However, that said, perhaps you can go try out all the newer models and brands at the store and see if there is one that you really like.
~Tiffany