What is the best way to manage repaired components?

Hi. I would like to know how some of you manage your repaired components. In one of my divisions, we have created an item number for a loader cylinder. But the cost for that item now, is that of a new cylinder. If we send that item to repair, the cost is a lot lower than that of a new one, so when we recieve the PO, the averge price will considerably decrease.

What would be the best way to manage this? could it be using the same item, but using cost level by location, lot or serial so I can use the same item, but cost by location? Or should I create another item number for the repaired cylinders?