My husband's toys are made of less stable materials (most male masturbator sleeves are), so when the material splits, we throw the toy away. We've only had to throw away one or two so far out of the toys we've collected over the past year and some odd months.
As far as my collection goes, I don't really have any toys made of unstable materials (though I do have one or two TPE/TPR toys and an elastomer toy or two). Since I have a large collection, there are lots of toys I don't use though. I'd like to get a bigger storage system, such as plastic drawers, so I can arrange all of my toys together and have them out in the open (i.e., not hidden out of sight in individual toy bags) to enable me to see them at a glance. (I think utensil dividers, such as those that separate forks and spoons, would be great for keeping glass toys out in the open for easy viewing without damaging them. If I ever get the plastic drawers, I plan on buying several utensil trays and stacking them inside one of the drawers so that I can select my glass toys more quickly.)
The problem for me is when something is out of sight, then it is truly out of mind. Having the above system would help me to begin rotating through all my toys to give them all some use instead of just having a couple of go-to toys.
Then if I find that I don't like a toy after a few sessions, I should get rid of it rather than keeping it around to take up space . . . Thus, having a good storage system would definitely aid in purging my collection of unused or broken toys.