Repairing or replacing a concrete retaining wall
If your wall stands straight with a few hairline cracks and water still gets out through it, a repair and some drainage cleanup can be the sensible move. If it's leaning, bulging or the footing has shifted, the trouble is usually trapped water or a weak base behind and under it, and patching the face won't touch that. In that case I'd rather replace it and fix the drainage, though you only know for sure once the ground's open.
What drives the cost of a concrete retaining wall
Height matters most, because a taller wall holds more weight and needs more footing, more steel and sometimes an engineer's design. Length, the shape of the wall, how much rock we dig through and how easy it is to get equipment to the spot all add up too, and so does tearing out an old wall. If you need to trim the budget, take it out of the finish, not the footing and drainage, since nobody sees those on day one and they're what keep the wall standing.