The refurbishment of dies by the deposition welding of wear areas is an efficient and economical process. The aim of this study was to conduct a comparative analysis of the lifetimes of different types of dies for the manufacturing of wagon wheels. The analyzed dies were manufactured by conventional processes (Type I) and reconditioned through a deposition welding procedure using a dedicated electrode (Type II). The Anderson–Darling test was conducted to analyze the goodness of fit of the lifetime data specific to the die types. The maximum likelihood estimation method (MLE) with a 95% confidence interval (CI) was applied in order to estimate the lifetime distribution parameters. It was found that the lifetimes of type II dies were longer than those of type I dies. The mean time to failure (MTTF) recorded for reconditioned dies was 426 min, while the mean time to failure of dies manufactured by conventional processes was approximatively 253 min. In addition, an accentuated hazard rate for type I dies compared to type II dies was observed. The results of this analysis emphasized the fact that dies can be restored to their initial operating capacity by successfully using deposition welding procedures that confer a high resistance to operational loads. At the same time, the use of these procedures allows for the sustainable development of resources and waste management.