To repair or not to repair, that is the question!

[Melanie222]

I've got a 1993 Thunderbird LX 3.8 with 128k miles on it.

What's good on it:
I already repaired the notorious head gaskets, of course... tranny is 8 years old, tranny fluid still clear, new alternator, new battery, new tires, resealed and flushed radiator. Still runs well.

What it needs:
Needs a new paint job desperately, basketball sized dent in the right rear panel between door and bumper, both front seats and headliner need to be reupholstered, struts and shocks are completely shot, need brakes soon, needs new muffler and exhaust, Auto Seat belt stopped running on driver side, auto window on passenger side not working (motor still runs but doesn't move. off track?) it needs an overall tune up, and has cracks in dashboard.

Given all of that info, is it worthy putting the $2,500 or so into it, or should I just put that towards another used car?? I can't afford a brand new one, so my concern is if I get a 5-7 year old car for $5,000 or so, I might wind up putting the additional 2500 into that one anyway. I know if I fix it up and repair it I won't get all of my money out of it, of course. KBB is $1600 for excellent condition, $1050 for fair, which it's in now.

What would you do?

It's definitely not a car that I LOVE...I'd really like a Monte Carlo or Pontiac Grand Prix, but the T-bird is fun to drive and fits me well. It's been a real trooper. And not having a car payment is REALLY nice.