At what point do you all figure that it's no longer worth putting money into a car for repairs vs. just buying a new car (actually new or used)?
I have a 2007 Prius with 280,000 miles. It's had a good maintenance record and no accidents, but it's obviously 16 years old and getting way up there in miles. The aftermarket catalytic converter I put in it two years ago is failing, and the dealership is telling me it's $3100 to replace it with an OEM one. I could get another aftermarket one for probably another $1200. Kelly Blue Book says the car is worth between $1200 and $3000. So do I:
1. Buy an aftermarket catalytic converter for around $1200 and hope it doesn't crap out again in 2 years?
2. Just bite the bullet and get the OEM one (with a warranty) for $3100?
3. Trade in the car and get a new or used vehicle?
You just never know; it could go another 100,000 miles or it could shit the bed in a completely different way tomorrow.