MichaelMeissner:
Sooner or later, I'm going to have to upgrade my drill (handheld drill probably bought 20 years ago) or at least the drill bits.
Get some new bits, Michael. There's no reason for a quality drill to go bad in 20 years. The chuck might get loose, but you can replace the chuck. Get a set of titanium nitride coated bits. I have some from Ryobi, and they're great. DeWalt are good as well. I'm sure that Freud, Porter-Cable, and Makita are good too. But the titanium-nitride coating makes a difference in how long the edge stays good. BTW, I used to through 3/16 bits like crazy installing melamine cabinetry, but I save the dull ones for drilling into drywall.