3 Reasons to Replace a Damaged Extension Cord Instead of Splicing It
Splicing creates a fire hazard A spliced cord introduces a weak point where resistance builds up, heat develops, and fires can start. Even with proper heat shrink and an inline splice, you are guessing unless you test the connection with a multimeter.
Cheap cords are not worth repairing For a standard $8 orange indoor extension cord, the cost and risk of repair exceed the replacement cost. A $10 cord is not worth a house fire.
Only heavy-duty outdoor cords may justify repair A professional repair can make sense for 10-gauge or thicker outdoor cords over 50 feet long, but only if you know exactly what you are doing. For everything else, cut it off and buy a new one.