Should I repair or replace my 15 year old Volkswagen Golf?

My Volkswagen Golf IV is 15 years old and the repairs are starting to rack up. I'll probably be in for £800 this year (new timing belt, sensors, fixing electrics etc) and the car's worth zilch. It runs like a dream though and is very reliable. I love my car and don't want to replace it unless I have to. My question is, when does it become uneconomical to keep it?
You know it's virtually worthless. So the point of letting go of it comes when the cost of repairs are more than the depreciation (+ cost of repairs) on a newer car, or when you can't afford the inconvenience/danger of the car failing on you.
Answered by Honest John on

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