Playstation 2 Problem - Should I buy a new one or wait for no.3?

[Invincible]

My PS2 has bust, and I've recently purchased a few games that I've been desparate to play but cannot because of the situation.

The problem is when it switches on, a vibrating sound is heard inside and when a disc is inserted it won't play because of a loud whirring sound, I believe that something inside the console is damaged, the fan at the rear still goes round.

After contacting various game places, they've advised me to either contact Sony to get it repaired but have warned me that it'll cost more or similar to the price of a brand new PS2.

Is anyone here an expert, what is my option? Should I try and get it repaired, fork out for a new one...Or wait until the new Playstation 3 is launched next year?