It looks well maintained.
Well that picture was from about 10 years ago when I was thinking of selling it because I wanted more space in my garage and never used it much. But I'm sure glad I never sold it because since then I have had to use it a good bit even if only maybe 6 to 8 times. Lots of old trees around and they've been dropping big limbs almost every year. An old, crooked Persian Silk tree fell over 3 years ago - chipped everything but the trunk. It's much more beat up now.
That engine is quite a workhorse, too.
But when you accidentally shred the bag, ummmm, you got problems
I think you could probably sew it back together. It wouldn't be fun, or pretty, but I think you could close up those holes well enough to make it work again.
If you have a cobbler or someone with an industrial sewing machine, they could do it pretty quickly. If not, I would hit up a fabric store for some heavy duty thread, like for sewing jeans seams or upholstery, any color would work. Get a large upholstery needle with a large eye that can fit the thread and punch through the bag fabric. A mattress stitch might be best, but I think a simple whip stitch would work too.
I've been thinking about it. Not sure if I'm gonna attempt it though. Sewing pates on the tears with vinyl might also be a good solution as opposed to just sewing the tears up. We'll see. I like the idea of finding a decent bag for under $50 better, though