Before deciding whether to repair or replace the system, find out what failed. Its age matters, but “it's old” doesn't explain the problem or what a repair would accomplish.
Ask the technician to describe the fault, the evidence behind it and the options. That explanation belongs beside the prices.

Get the part or condition being addressed, the labor included and the warranty on that work. Ask whether further diagnosis is needed and what remains uncertain afterward.
If a fixed repair price isn't possible yet, the company should explain the next investigation and how you'd approve more work. A diagnosis still in progress is different from a completed repair recommendation.
Tell the shop about issues beyond the breakdown, such as a room that has always been uncomfortable. Repairing a failed component and improving air delivery to that room may be different jobs.
Fictional example: The AC has stopped working, and the homeowner also wants a warmer upstairs bedroom cooled better. A repair might address the failure alone. A replacement quote needs to explain whether it includes work intended to improve that bedroom.
Ask how ducts, insulation or other conditions factor into the explanation. Replacing equipment doesn't describe what changes in the problem room.
For the repair, compare the diagnosed fault, included parts and labor, remaining questions and coverage.
For replacement, compare the equipment removed and installed, connections, controls, ducts, permits and startup checks. Ask what existing parts stay and what the company considers their condition to be.
Parts availability and existing warranty coverage belong in that discussion. So do your priorities: cost now, disruption and what you're willing to leave uncertain.
EPA says changes to refrigerant rules don't require homeowners to replace existing systems, which can continue to be used and repaired. That doesn't settle the practicality of a particular repair.
If refrigerant is part of the recommendation, ask which refrigerant, which components and what limitation affects your system. “The rules changed” isn't the complete explanation.
There isn't one birthday or repair cost percentage that decides every case. If the recommendation still isn't clear, use the second opinion guide to request another assessment.