One of the best things I remember about my uncle's shop was the Dr. Pepper machine. He only had Dr. Pepper, it was in the mid west, and my uncle would say "DAMMIT YOU ONLY DRINK DR. PEPPER BOY!". While my dad and uncle were working on cars, I'd find some chore to do so I could make the 10 cents for a Dr. Pepper from that machine. I was more fascinated with the machine in his garage, than I was the Dr. Pepper.
That being said, Yes there are more efficient coolers now. If you want to put your beer, lunch, and Otter Pops in the same place, go get a refrigerator . They are cheaper, lighter, and common. Yes they take up space...just like everything else does. If you want the nostalgic look, get an old pop machine. There were pop machines like these at every gas station and wrecking yard. They had a cool machined mechanical look to them that hasn't been made for 40 years. They're heavy, can be a ***** to repair due to the mechanics, **** a lot of power, but you'll be the only one on the block. Like tciani said, there are newer cooling units that you can put inside them. They were designed to be run on freon, not the pale imitation that's used today. You can find them for all different prices on Craigslist. If you're into the 50s-60s garage look, they'll fit right in. If you have Ferraris and Porsches in your garage, maybe not so much. Fill them with beer for 50 cents, and the free beer mooching buddies you have will actually have to chip in a little for a change!!