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What should I do? Repair xbox or replace?

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The other day my boyfriend called me to tell me that my xbox had red ringed on him. I got this xbox a couple years ago, 3 or 4 years(I can't really remember which) so I don't think I can get it repaired for now we have two broken xboxes(I don't remember what's wrong with his, but it's broken as well) should I shell out the cost to repair it? How much is that? And where do I go to get that done? Or, should I just get a new one, if so which should I purchase (since I'm low on cash and have all the cables and controllers and junk). Your advice is appreciated.