Thinkpad T400 Motherboard Replacement Advice

I accidentally dropped my T400 into water(Fell from a table into a water container). The service technician who checked it told me that motherboard's not working and has to be replaced. Now I am not sure whether to invest in the motherboard or buy a new one(I had a core 2 duo P8700 which is a decent processor and these days you get and i3's and i5's from $600). 
Couple of things here is
1) T series right now would be outside my budget range.(student)
2) I am not sure if I would be happy with the lower end thinkpads/Dells/HP.
So any suggestion at thi\s point?
Would replacing a motherboard be worthwhile(The technician told me it would be around 300- 350 range. 
Should I go with a new one or should I get the motherboard replaced?

Ouch...
What else is broken on it? Did any other parts survive the dunking- the screen, hard drive, RAM, battery, keyboard/UltraNav, fingerprint reader, speakers, or other motherboard modules such as WiFi and Bluetooth?
It might be a good idea to try to score a used one through the usual channels- they're around that costly (less than $450 anyways)- and just write off the other one, depending on how many other parts still work.
How much water did it fall into, anyways? Was it a full 5-gallon jug, or was it just an inch or two of water that killed it?

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