Why did the author finally give up on his watch?

The author got the watch repaired seven times. By the end, he realised that the watch, with its original cost being two hundred dollars, had cost him two to three thousand on repairs itself. And the watch was still malfunctioning. It was when he reached the seventh watch maker and acknowledged the mechanic to be an old acquaintance, a steam-boat engineer of other days and not a good engineer. He gave his verdict like all other watch makers, the author was not gullible and this time he perceived what his uncle William used to say that a good horse was a good horse until it had run away once, and that a good watch was a good watch until the repairers got a chance at it. So, he finally gave up the repairing and decided to let the watch be.