Digital BW, The Print

I have a "regular " 1270 printer that was doing quite a good job 
until  yestareday when it went completely dead .
The only thing that is alive is all lights flashing whenever the On 
button is pressed . ( the lights will stop flashing about one 
minute after power button is depressed )
USB connection to the computer doesn`t  matter .
It feels like an obvious hardware failure .
I have been trying  diverse " resetting" techniques with no result 
( like pushing paper and ink buttons while pressing ON , then 
pressing only paper button )  etc.

Printer is only 15 months old , but the warranty is over.
While talking to Epson they told me  that normally  it is more 
expensive to repair  then buy a new one ... 

Is there something else I could try 
( before making landfil bigger )
Thank you for  any suggestions , and I understand it is not a
 BW issue , I`m just tring to reach as experienced and helpfull 
people as possible ;-)
Jann Lipka , Stockholm , Sweden