I have the same $30 no-name toaster that my now-ex purchased shortly after we were married in 2010. I open it up every few years to deep clean the crumbs, and I've changed the cord twice. Thing is an absolute tank.
I try to be a BIFL type of person and am willing to pay a premium for items that will last. Occasionally I hit up against something like this toaster, though, which runs completely counter to my expectations of what makes an indestructible kitchen appliance.
Replacing: usually not hard. Open the thing, unscrew the things holding the ends of the wire on, remove old cord, put new cord's wires in, screw down, close thing back up.
(Often "open the thing" and "close the thing" are the hardest - modern devices with plastic clipped on plastic and needing delicate shimming to pry stuff open)
Depending on the level of fix you're going for and where the break is, it can be anywhere from very simple and a few minutes, to much more involved.
If the break is actually at the plug end, you can often pop off the plug housing, trim the wire back, and do basically the same as above.
If the break is in the middle of the cord and you're not squeamish about the final fix having electrical tape on bare wire, then cut, strip, twist, tape, and ... don't fuck it up?
Yeah, the plug-only repair can only be done with a hardware store plug meant for that purpose, but they all look pretty chunky and ugly.
I think it’s better to harvest a whole new cord with moulded plug from some other dead appliance. Just make sure it’s a 15A one from a microwave or air conditioner or something— not just a lamp cord.
I would also personally not do this with an American ungrounded toaster, even though I have an EE degree and have done a lot of wire stripping, re-assembling wires, electrical tape, soldering, etc stuff.
With experience, there is nothing hard about changing a cord.
Without experience, it is harder. Removing the strain release requires mechanical sympathy; desoldering/soldering requires soldering skill; etc.
If it was your job, you’d pick it up in a day or few. If it is not your job, the learning curve is spread across the time between jobs and there’s relearning if the jobs are infrequent.
I try to be a BIFL type of person and am willing to pay a premium for items that will last. Occasionally I hit up against something like this toaster, though, which runs completely counter to my expectations of what makes an indestructible kitchen appliance.