Pete , how does the car look overall , like nearly new , or like old and worn out ? Same for the interior , good or not so good . ac and heat still work , if it looks good and all the subsystems work I would do the mait on it . You will never get all he money out of it , but you will have dependable transportation .
I'm on the extreme of this perspective. Here's the short story.
My brother was a chef at a mountain resort and wanted a 4WD vehicle, so my mechanic sold him a '95 Nissan pickup 4WD in 2010. "Mechanic owned; adult-driven" -- the engine had been overhauled, 5-speed tranny fitted with new clutch plate and throwout bearing, new alternator, etc. Doesn't use a drop of oil -- "gits up and goes" -- great for hauling stuff to the landfill and other chores when we need it. It's been driven an average of 1,000 miles per year over 9 years -- 9,000 miles on those parts.
But it looks like a castaway in an Appalachian hoarder's front-yard -- a rust bucket. Paint all oxidized; patches of surface rust on the cab around the sunroof. Rust beginning to form on the edge of the hood.
The developing news: my brother had to retire a year after he acquired the truck -- for medical reasons. Two years ago, diagnosed with a circulatory problem with prospects of amputation for his left foot. See where this leads? He can't work the clutch pedal without real pain and discomfort. I let him use my auto-trans SUV. But we need the truck as a backup ride until I can buy a low-mileage replacement for it with cash up front in about a year or two. I've been eyeing something like a 3-year-old Suburu Forester.
We've been informed that we can get at least $3,000 for the truck because it's a 4WD, but I want to treat the rust and get it painted. MAACO estimates $1,900 for the entire job. I can treat the rust and repaint it myself. I'd done this before, but I don't have a paint-sprayer that's suitable. I can get an Earlex HV5500 for $280 after shipping, and the primer, basecoat and clearcoat -- just enough of two quarts each -- for another $250. After stripping the old paint and prepping the garage, I estimate about 3 to 4 hours and done. Incidentals like drop-cloths, gloves, paint-stripper, thinner-reducer, masking tape -- budget another $100, and I can beat MAACO by nearly $1,300. I already have the necessary respirator and safety glasses.
Meanwhile, the mechanic recommends a new timing belt. $135 for the belt and waterpump kit; labor makes it $600. We'll get more than our money out of it later, considering that we spent $4,000 initially, kept it for 9 years, and the purchase price is no longer relevant.
People either budget periodic vehicle replacement as they manage their money and many in the mainstream will just buy new vehicles. Or, they save the money and adopt this alternative used-car and DIY mindset -- which I've followed a good part of my life. It all boils down to what you want to do with your money, and whether you can do "other things" and suffer the inconvenience.