Power supplies are an unsexy and usually overlooked component, but it pays to buy quality. Also be aware that they do age with time. In the spring I started having random reboot problems which I blamed on the slow deterioration of my overclocked and watercooled, four year old E6400 dual core. I finally learned (after replacing every other component in the system save the case) that the issue was my 600W PSU. It was a quality box with ample headroom when I bought it, but it had slowly devolved to the point where it wasn't quite up to the job any longer. All the voltages LOOKED good on Speefan but the problem wasn't fixed until I got a new PSU. I now run an 850W, high quality unit. I seriously considered a 1Kw unit.
So as has been pointed out, it's impossible to give any realistic advice without knowing the details of your system, but in general I would not recommend replacing a failing power supply with an older, lower rated model. Even if the new (by which I mean older) unit is of much higher quality than the old (by which I mean newer) one, you are just asking for trouble. And as BoldEagl points out, that trouble can include the destruction of any or all of your hardware. No issue if your machine isn't mission critical, but if you can't afford to lose it (or your data), google for a PSU calculator and work out how much you need. Then add fifty watts, and buy the highest quality you can get.
Cheers!
Paul