How to repair the vinyl siding

@Sai T. Not a hard fix really. Get a seam ripper from Lowes or HD and take the siding off. Then replace the corner. Then replace the siding. 

Now for the cons. If the siding is breaking like that, it may be older and brittle. If so, it wont be long before you will have to replace more of it. If the siding is brittle when you take it off, then consider budgeting for new siding in the near future. Like 2-5 years.