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This is a fair part assesment, however you also have to consider how people take care of their tools. A 40 year old tool that looks as beat up as a 5 year old tool has been taken care of better by the owner/user.
That said, I feel like we all have that massive sacrificial flat head that’s no longer flat, super warped, got electrical bites, and still keeps chugging.
You can get meters that clamp over the wire, no electrician required.
https://www.smarthomeperfected.com/best-smart-home-energy-monitor/