Should I repair a damaged extension cord or replace it?

Replace it, don’t splice. A spliced cord creates a weak point where resistance builds up, heat develops, and fires can start. For standard $8 orange indoor cords, just toss them—a $10 cord isn’t worth a house fire. Only consider repairing heavy-duty outdoor cords (10-gauge or thicker, 50+ feet) if you know what you’re doing and can test the splice properly.