Fixing a 20 year old dryer is generally not worth it for major repairs, but can be worthwhile for minor, inexpensive fixes if you are handy and the dryer is otherwise in good condition. The average dryer lifespan is 10 to 13 years, so at 20 years you have already exceeded its design life by 7 to 10 years and other major components like the motor, control board, drum rollers, and seals are likely close to failure as well. The decision rule most technicians use is the 50 percent rule: if the repair cost exceeds 50 percent of the cost of a new comparable dryer, which today is 600 to 1,000 dollars for a basic model and 900 to 1,400 for a high-efficiency model, replacement is more economical. For example, replacing a thermal fuse for 90 to 150 dollars, a door switch for 80 to 140 dollars, a drum belt for 120 to 200 dollars, or rollers for 150 to 250 dollars can make sense to get another year or two. However, replacing a control board for 250 to 500 dollars, motor for 250 to 450 dollars, or heating element plus labor for 300 plus dollars on a 20 year old machine is not sensible, as new dryers are far more energy efficient, have better safety sensors, moisture sensing to prevent over-drying, and come with a new warranty. Also consider safety and parts availability at this age.
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