Fix Macbook Pro or replace?

I am trying to debate whether or not I should fix my 2011 MacBook Pro due to water damage at a flat rate of $755 (they will replace literally everything inside) or replace it with a new Macbook for $1200 (I'm not sure how much tax is, but I'd be paying approximately 63% of a brand new computer to get my old one fixed). I guess I should mention I'm living in New York City and $500 is a lot of money for me...but this is something I would be using every single day and do want it to last me through grad school.

Everything was perfectly fine with my mac before the spill occurred. In fact, I was able to turn it on yesterday and everything worked great, but now it won't turn on and I am facing the inevitable of paying big bucks to get it fixed. I guess I am just wondering if I do pay to get everything inside replaced what's the difference between that and getting a new computer? Will my computer still only last a normal lifetime of 5+ years (from the date it was purchased) once everything inside it replaced or will I be essentially getting a "new" computer?

Thanks in advance for your advice!