IA: Two weeks ago, my daughter and I smelled something burning just as we were going to leave the house. We traced it to our 17-year-old dryer. The trousers she was drying smelled like a campfire. I unplugged the dryer, made sure everything was fine, then left the house.
UP: No damage to the house or contents. The next day, I bought the cheapest dryer that had the settings I needed, and had it delivered the following day. The man who fixed the washer a month earlier said that I'd see my electric bill lower when I replaced the old dryer with a new one. I'm looking forward to the reduction, and very pleased with the new dryer's performance!
I got the old dryer for free, and owned it for at least 10 years, so I got more than my money's worth out of it. I did have to have an electrician replace the outlet so I could use the new dryer (the old one was a compact dryer and plugged into a standard electrical outlet). The electricians who wired my house put an odd plug in it that didn't fit any dryer in the US, and was fit for a 3-prong plug. When I got the outlet replaced, I had it upgraded to 4-prong---the current code for most places in the US.