There is an urban legend out there that states that a parachute has a service life of 20 years. THERE IS NO BASIS IN FACT FOR THIS. Recently, the United States Parachute Association requested clarification on this matter from the FAA. On August 21, 2012 the FAA replied. The FAA stated that any parachute certified under standards TSO- C23b, TSO C-23c and TSO C-23d did not have a maximum service life. Continued service life of any given parachute unit is to be established by a certificated parachute rigger at the time of inspection and repack of the parachute.Any parachute rigger that simply refuses to recertify your parachute simply because of its age is doing you a disservice. Find another parachute rigger.
Many riggers won?t repack rigs that are from the mid-80's and earlier because of their design and/or materials, not because of their age. Rigs built since the late 80's are almost identical (functionally and materially) to rigs being built today.If you purchase a rig in good condition that is up to 25 years old, it will probably still be serviceable for many more years, as it's design is still the same as ones being made today.
Having said that, if a competent rigger inspects you chute and finds that is in good condition, I would say that $500 is a fair price.