Mr. FP and I currently have two cars. We got by for a year or so with one, but then we moved into a new house and I had a temporarily long preschool commute (Big Brother will be at our neighborhood school next year, but I didn't want to move him in March).
Anyway, Mr. FP bought a 2008 Honda Fit and I still drive my 99 Accord. The Check Engine light is on and would cost another $450-ish to turn off (evaporative leak) but fortunately I do not have emissions testing this year. The transmission may or may not be bad (I have been warned not to drive the car in remote areas or on the interstate lest I be stranded). The brakes have only a few thousand miles left on them. It needs an axle (ripped CV boot). Also, I was rear-ended and got a $700 check to fix the bumper, which I am tempted to just pocket and leave the bumper askew. There are only 140K miles on the car.
I'd like to keep the car going one more year. After that, both our boys will hopefully be in full-time preschool/kindergarten within walking distance and I will not have these midday runs that I currently do (when I must drop off Little Brother at daycare around lunchtime and then head to work for the 1-6 or 3-8 shift--it would be easier to take the bus to work without daycare dropoff.)
So how do people decide how much money to sink into an old car? Should I just drive it gingerly (it is about 7 miles to my workplace, all on well-traveled, well-lit city streets, and I rarely drive my children around) and do nothing? (Except, of course, the brakes, when the time comes.) Sink a couple grand into it and have it fixed up? Something in between?
I have all the information I need and am just interested in getting some fresh perspectives on the issue.