In Post-War Britain, where rationing was still enforced, this policy was called 'Make Do & Mend'.
It was a way to encourage people to try and make do with what they had (through re-use and repair) rather than using scare resources by purchasing new items...

It's a very sensible culture. Why throw something away when it can be repaired.?
I would like to see tax rebates on repair services. If that rebate costs extra for the Exchequer, then that extra cost should be recovered from tax on new items.

It would nice if an increase in the purchase price of new cycles might make people look after them better, but we have to keep these ideas within the realms of reality...