I would replace. The quality of the cable will not improve with electrical tape. It might be easy or difficult to replace the cable once. You will only have to do it once. Electrical tape will come undone not right away but it will. This will allow dust, dirt or water to enter into the cable. It's downhill from then on. I vote to replace.

 

When in doubt, replace it.

 

Shrink wrap will do the trick..