Use it until the tank is leaking. The elements and stats are a cheap and easy fix if you're halfway handy with a screwdriver. Just remember to kill the electric! And the water! As long as the water is shut off you should be able to change an element without draining the tank. Pull the old one out and put the new one in quickly. You may get a single burp. As long as your valves hold tight the tank will hold a vacuum. Like holding your finger on the end of a straw.
If you have hard water and can get replacement anode rods for your heater, replacing that every so many years can extend the life of the tank significantly. Check with your manufacturer. If your tank has one its attached to the nut sticking out the middle of the top of the heater. If you don't have clearance above to pull it out you're not gonna be able to do this.
Another good practice is to drain a few gallons of water out of the bottom drain every once in a while. Couple times a year. This helps remove sediment from the bottom of the tank that will attack the metal there and eventually rot it out. If you do this, get yourself a boiler drain cap. These valves are notorious for not turning off completely when you're done and will drip.
As Shuffler said, Rheem and AO Smith are better brands.
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