How old was yours? Let me know what you end up going with. I need to get a new one myself and have been looking online. With the kids all out of the house I have been looking at tankless but unsure about quality and which brands will last since this is pretty much a new(er) technology. The old school water heaters are dirt cheap plus I can install that myself. Using the new Pex (Sharkbite) fittings.
Our water heater is a Kenmore and it is 34 years old and still going strong! I think they were made by AO Smith.
My previous AO Smith/Kenmore glass-lined tank lasted about 41 years. It was older than my wife. I took it out before it failed!
In its stead, I put in a Bosch tankless heater. That was 12 years ago. (I did install it myself, and am sure you could, too.)
There are pros and cons to a tankless heater. I am glad to have put it in, but there are downsides to consider in addition to the positives. (Here is a positive: I have saved a boatload on gas bills! More than enough to pay for the change.)
Because tankless heaters can be placed nearly anywhere, I relocated my heater to just under the main hot water runs, namely, those that feed the kitchen and bathrooms. (The previous location was dictated by the location of the flue.) This greatly decreased the time that it takes to get hot water to the kitchen and bathrooms. As you may know, there is a small delay before when you start calling for water and when the hot actually arrives. In my unit, it is 3 to 6 seconds. Because of the better location of the tankless heater, hot water gets to the point of use
faster than with a tank.
However, here is the downside. Each time you stop and restart the flow, you have to pay that 3-6 second pause again. In practice, this rears its head in only a couple of situations in our house. The most important is doing dishes. If you wash dishes by hand, and you start and stop the hot water, you will not get hot water each time you call for it. Instead, you will get some mixture of hot and cold water as you go along. What I do, therefore, is to get the DW all set, run the hot water to get hot water to the sink, start the DW, fill a bowl with hot water and soap, and start doing the hand-wash stuff out of the bowl. I then wash all the hand-wash stuff, then turn the hot water back on and rinse everything at once.