My camers is stylus 500 but this was nearest...

Question

I dropped my camera and and now when I switch on the lens is jammed and makes a beeping nose so I cant switch camera on. If I look very carefully there is an almost unnoticeable dent on front of camera. Obviously the lens has been knocked out of alignment. I have phoned one repair co and they say charge is £110 it is obviously not worth paying that I would rather buy new. Does this mean it is only good for the bin.....It is only 5 months old