Most equipment designs have anywhere from a 3:1 safety factor and up designed into them when new. I can't see age in your usage degrading your lift that much over the years. I also don't see many of the suggestions mentioned so far and I'm not offering any, that would easily improve the design up into the 3:1 safety factor area You obviously exceeded the lifts capacity and whatever safety factor your lift had, in this case. You may want to step back and rethink the situation to prevent a re occurrence, with a much worse result