Having trouble deciding if it's worth redoing home's studying (repost with pics)

Some images: https://imgur.com/a/hmvPwV3

We moved into a house roughly 3 years ago, and the inspector at the time mentioned that there were a handful of spots on the siding that showed signs of moisture buildup. We put off doing anything because honestly the idea of dealing with siding work seemed daunting.

This week we finally got some estimates for siding replacement. They are all absurdly expensive but we can afford them if we have to. The thing is, two of the guys that quoted us said that our siding is for the most part in very good condition. The last one even said he wouldn't do a full replacement but offered to do partial replacement for less than 1/3 the price. That sounded good but our HOA would also require a repaint which would bring the price back up to about half that of a full replacement.

I'm wondering if we should even do anything now? My partner is worried about rising costs but I don't know if that's a good enough reason to blow nearly $40k on something we don't need.