Rather than spending a lot of money to replace golf clubs, many golfers simply change parts of the clubs, especially after they realize how easy it is. There are only three pieces to any golf club: the shaft, clubhead and grip. Each can be replaced by following these instructions. For that matter, if you simply want your old clubs to look new, you can do that, too.
Difficulty: Moderately Easy
Replace the shafts: Remove the old shaft by heating up the epoxy that dried on the hosel, or connection, of the clubhead, using either a blowtorch or a heat gun. Then prepare the new shaft for installation. Cut it to proper length. If your shaft is steel, make the tip rough with a piece of sandpaper. If it's graphite, remove the protective cover at the tip with a belt sander, then carefully sand the tip with the sandpaper. Ream the old epoxy from the hosel and make it rough with a wire drill bit. Apply epoxy to both the tip of the shaft and the inside of the hosel, marry the two, and make sure the shaft is all the way inside the hosel.
Replace the clubheads: Remove the shaft as described in Step 1, and make sure that all the epoxy is removed from the tip. Then roughen the hosel of your new clubhead with a wire drill bit, and apply epoxy to both the hosel of the clubhead and the tip of the shaft. Bring the two together, once again making sure the tip of the shaft is all the way inside the hosel.
Replace the grips: Remove the old grips by cutting them off with a sharp knife. Also remove the old tape underneath the grips using your knife (be careful not to damage the shafts). Wind double-sided tape where the grips will go, then soak the tape with grip solvent. Pour a bit of the solvent inside the grips, making sure the interior is covered. After you pour out the remaining solvent, simply slide the grips onto the shafts, making sure they are as far down the shafts as they'll go. It takes about 15-20 minutes for the solvent to dry.
Make you old clubs look new: Lightly use a sander with fine sandpaper to remove knicks and scratches. Use an electric buffer to bring back your clubs' shine. Anything more complicated or diffucult should be done by a professional clubmaker.