These are some reasons I would consider buying a tankless water heater whenever our regular water heater goes out:

• A tankless water heater heats the water only when you need it instead of keeping water hot in a tank all the time like a regular water heater does. A substantial energy savings could occur, depending on how much water is used (possibly up to 50%).
• Tankless water heaters could last up to 20 years. A regular water heater usually lasts around 10 years.
• Tankless water heaters save space. They can hang on the wall and free up some much needed floor space.