I do, if I really like something - my Pendleton cardigan, a Paul Stuart Shetland crew-neck. I take them to a woman whose speciality is darning. I believe it's the true Ivy thing to do, and only shirts seem to end up actually discarded.
Maintaining things is a lovely tradition, whether by necessity or simple custom. These days I rather like having things resoled, repaired or mended because I'm already happy with the item and it also means I don't have to go shopping. I'd much rather visit Mr. Lu, my clothing repair man, than have to go to *insert shudder here* the mall.
I'll also eventually sit down and trim and glue a fraying watch band myself, but only when it won't go through the buckle anymore.
I mend my clothes when required. Darning clicks in knitwear and hemming my own trousers etc. Sewing is quite enojoyable and has that "hard work well done" feeling whe you're finished.
I don't know about make do though.