Is it worth fixing my old mac pro?

I have a Mac pro Dual Core that I bought in around 2006
I cant tell you what HD/Ram it has as I cant remember off the top of my head and dont have the machine with me as its at the apple store.
Now I have never so much as had a niggle of a problem with it in all the years Ive had it and havnt even thought about a new machine as its been more than reliable and has suited my needs well.
UNTILL two weeks ago my machine went into kernal panic, after trying everything I could I decided it was time to take my old trusty mac pro to the geniuses!
Well they have now had it for a couple of weeks and have narrowed the issue down to the logic board and graphics card, that cost of repair is £650 inc VAT OUCH!!!
Now Im in a right royal dilemna, it seems a lot of money to me to through at an old mac, however I am prepared to pay it out if its going to keep going for another few years. But Im thinking I might live to regret it if it goes wrong again!
At the moment the cost of a new mac pro is out of reach so my options are to sell my macpro for parts and to buy a 6 month - a year old mac pro or do I get a new 27inch Imac instead?
The last time I had an Imac (8 year +) it was not nearly good enough for the applications I was using and was way to slow. However I know they have  improved dramatically and look like a better spec than what im currently using anyway, so I was wondering if I should be considering this?
I have a Macbook Pro 2.4 intel Duo core and Im quite happy with that and it handles my work without an issue, so on that basis I think an Imac would work.
I use my computer for mainly web development but I do quite a bit of graphics work also for print. I mainly use photoshop, navicat, Fetch, dreamweaver and illustartor quite often needing them all open at once.
So my options are:
Repair my mac witch it the least expensive solution, but do I put £650 into an older machine?
Sell it for parts and buy a 6 month - a year old mac pro
Sell it for parts and buy a top spec Imac
Please help, im not sure what the best option is

The last time I had an Imac (8 year +) it was not nearly good enough for the applications I was using and was way to slow. However I know they have  improved dramatically and look like a better spec than what im currently using anyway, so I was wondering if I should be considering this?
The current iMacs are much faster than your current machine.
GeekBench Processor and Memory Performance:
Mac Pro 2.0 GHz    4029
Mac Pro 2.66 GHz  5202
Mac Pro 3.0 GHz    5801
iMac (2011) i7 3.4 GHz   11609
iMac (2011) i5 3.1 GHz    8379
MacBook Pro Intel Core 2 Duo P8600 2.4 GHz (2 cores)  3342
I have a Macbook Pro 2.4 intel Duo core and Im quite happy with that and it handles my work without an issue, so on that basis I think an Imac would work.
I think that you are correct.

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