Hopefully it's something small like a capacitor.
Depending on the age of the outside unit, replacing it will likely mean replacing the entire system including the inside evaporator. Changes to wet charge freon requirements have made the old dry charge freon extremely expensive, and the older units are no longer made and hard to find. New units are also more expensive due to regulatory requirements making 14 Seer the minimum efficiency.
We ended up replacing the furnace at the same time to remove some filtering limitations created by the home builder and take advantage of newer variable speed DC blower technology.
Our bills went down appreciably, and our comfort levels are much better, but that initial investment was painful.