Comment by pge

Not the OP but have a 20-year-old car. The relevant calculation is not cost of annual repair v value of car, but rather annual cost vs annual cost of a new car. Even if you amortize the upfront cost of a new car over 20 years, the increased insurance cost and (depending on where you live) property taxes plus some annual maintenance, at least for me, is substantially more expensive than annual maintenance on my current car.