One thing to weigh that people leave out: the element and the thermostat usually fail together for a reason, and that reason is restricted airflow overheating them. If you replace the parts and do not fix the airflow, you will be doing this again in two years. Fix the cause and the repair is money well spent.
On new machines, the honest comparison is not 600 versus 180. A basic vented machine at 600 will use meaningfully more electricity per load than a heat pump model, but heat pump models cost roughly double and take longer per cycle. At five loads a week the running cost gap takes years to matter, so I would not use efficiency to justify buying now.