I have a 2003 Toyota Echo, purchased in 2006 w. 83,000 miles on it for just under $7,000. The car now has 128k miles on it, and has treated me incredibly well over the years, requiring nothing other than standard maintenance until last weekend, when a misfiring cylinder forced me into the shop. It turned out my electronic ignition system had broke, which--along with replacing the spark plugs, labor, etc.--set me back $300. The mechanic also warned me about several other items which would likely need attention over the next year: the battery and the tires need to be replaced (I have only replaced each once in the car's lifetime, so it makes sense that they're due), the brake pads are worn and will need replacing soon (front pads at 25%, rear pads at 40%), and the radiator will likely need to be replaced as well. Also, this summer, my A/C began squealing when the car starts up, which makes me think that the serpentine belt needs to be either tightened or replaced. While fixing all of these will clearly cost a bit of cash, I'd be happy to do it if I knew that I could get another 30,000 miles out of the car without any other major costs. My fear, though, is that the car's getting to an age where it's going to start having a lot of problems like this and I'll need to start spending several hundred dollars a year just keeping the car on the road. If that's the case, I'd rather sell it now (the car has a KBB value of $3,200-$3,500) and replace it with a newer car. This is the only car I've ever owned, so I don't really know what to expect from it these next few years.
What do you guys think? Is it time to sell, or should I take this as an opportunity to start building up my DIY mechanic skills (right now, I have none)? How do you decide when a car is getting so old that it's no longer worth investing the money it'll take to keep it on the road?