Repair or replace?
I have a 1992 Honda Accord which has served me well for 15 years. It's got 105,000 miles. There's some clunking noise coming from the front end, and I have the feeling that this is going to be a $1200 repair job involving ball joints or something.
So, I'm trying to decide if I should replace the car. A new car is out of the question (we already have a car loan for our van.) I'm considering a used Accord with around 60-70K miles.
If I thought the front end work would be the end of it, I'd do it, but who knows what's next? I've had plenty of work done on the car over the years. Brakes are new, timing belt was replaced, transmission has been serviced, etc.... but it is 15 years old, and I don't really know what major repair might be next apart from a new transmission or engine! The car is basically my train station car -- 5K miles a year.
Financially, I'd rather not take on any more loans, but if I'm going to be spending $1000/year on repairs, then I'd rather put that amount into a younger car.
Opinions? I realize there's no black-or-white answer here.