Just to chime in with my experience. I have a Weller WTCPL that I bought new sometime around 1977 and it still works perfectly. I also have a Weller DEC1001 dual station using pencils EC1201A and EC1302B that is about 8 years old and still works well (with minor complaints about the EC1302B). The key to any soldering iron is to keep the tip in good condition and properly wetted during use. If the heating element fails, you usually get no heat at all, so if its getting hot to touch, all your problems are in poor tip maintenance. Sanding or filing the tip is an absolute no-no that pretty much ruins it permanently. If your tip is the type where you can't replace the tip separately from the rest of the iron, then it may be toast. If you can replace the tip, do it and then learn a bit more about how to maintain the tip.

I regularly wipe my tip using a wet sponge, and have in the past also used one of those Hakko 599 brass fibre pads (like steel wool only made of brass) but I've found that using this brass pad is too abrasive so I don't use it much anymore. I also occasionally clean with Kester Tip Tinner which is paste in a tiny little can that you push the hot tip into. Its a bit like flux that leaves your tip shiny and bright. This Tip Tinner is quite useful.

So, don't fire your soldering iron, just fire the user! Ha ha.

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RadioRon