This is an uncomfortable question which presents itself in front of a number of LSAT test takers. Remember that retaking the LSAT needs adequate time, preparation and money. You need to think about a number of factors before you decide on retaking the LSAT.
The LSAC does not allow you to take the exam any more than three times in any two-year period. This policy remains valid even if you have cancelled the scores. Check whether you are eligible to take the exam gain.
The most important factor in this question. Why are you taking the LSAT? Did it really go bad the first time around? Or do you want to jump from 160+ to 170+? If you are below 150, you should definitely retake the LSAT. If you are in the 150-165 range, you need to think about your target law schools and look at their admission data. Would you be competitive for admission considering your GPA and other admission factors? If you have a strong application, you may still find admission in a program of your choice. If you are above 170+, you should focus on improving other areas of your application instead of wasting energy on a retake.
Law school application deadlines are also a critical factor in this decision. For instance, if you have taken the first LSAT in October and want to retake in December, then it puts you in the disadvantage of turning in your applications later. You need to see whether an improved score justifies a delayed application.
Time for preparation:
Does your current social and professional schedule allow enough room for preparation? If the answer is in the negative, there is no point trying to squeeze in time for LSAT preparation. You need to give ample preparation time during the retake as well.
Your own performance:
Did your previous score justify your preparation? If the answer is yes, then you need to determine whether you will be willing to put in that little ‘extra’ for a score increase of a few points. You need to be very sure about your weaknesses in the previous exam. Without knowing them, you really should not plan a retake. Know your limitations well before sitting in the exam hall again.