I have a conventional gas-fired 40-gallon hot-water heater in my basement. It currently works fine, and there is no visible rust on it or pipes near it, but it turned 20 years old a few months ago.
I was thinking of having it replaced because I assume it will fail within the next few years given its age. Is this reasonable, or would I be throwing money away to replace something that still works fine?
For context: The water tank sits on top of an old hardwood floor in my unfinished basement (yes, for whatever reason someone installed hardwood flooring directly over the dirt floor in my basement, even though the space is just used for storage), and I'm 75 percent sure I will stay in my house for at least the next 5-10 years.