Should I Repair or Replace?

O.k. here is the deal. I was caught out in the rain (this happened July 3rd 2012) I had on jean shorts and had my i-phone in my front pocket. I also had my hand in my pocket gripping the phone in an effort to keep it as dry as possible given my circumstance. It rained pretty hard (as one should expect in Orlando Fl, during the summer) needless to say I was completely drenched and wet. Once I made it home I immediately took out the i-phone, dried it off, and hit the home key.......Yes it was working I even went on the net and made a call to confirm........whew I dodged a bullet right? Well I sat it down and 20 minutes later when I went back low and behold it didn't turn on, fuuuuuuuuuuuuuu**%%$#% is what was going through my mind (excuse my french, lol) This is my first I-phone or I product period and I did then, what I found out later was the worse thing anyone could do to a water damaged I-phone...........I plugged in the charger and attempted to charge it thinking it was just dead and needed juice. I didn't know at the time, that it could fry the I-phone. (I found out later that day after googling "how to fix water damaged I-phones. I ended up just getting me a metro piece of $&it part time phone (I figured I would let the I-phone dry off for a month or 2.) So in about Sept. I decided to take the phone to one of those I-phone repair shops. I told him what happened and asked him if I could watch as he attempted to fix it (in an attempt to confirm he was actually trying to fix it, as well as possibly learn how to do it myself) needless to say, he quoted me some company policy b.s. that they couldn't let me see because the tools were in the back of the store in an Employees only area...........I didn't put up a fuss because after all it was just a consultation. He ended up coming out from the back and telling me that he could not get it to power on and that he tried putting in a new battery, and something else he said (sorry I forget) but neither of them worked. He ended up telling me that it may be my motherboard, and he could fix it but it would cost me $150 dollars....................that is what I paid for the phone!!! So it wasn't happening.

So here we are today it is December, my phone still won't power on, and I stumbled across a web site that will buy broken I-phones and they quoted me $89 dollars for my phone already (that was today) however I lover that thing, and it was the best month of my life when I had it...............does a new mother board really cost $150? Should I sell it, or repair it? Does any one know of any places in Orlando, FL that can maybe fix it?

Thanks in advance for your answers and advice.