New transmission or buy a new/used car

I have a 2001 Volvo S60 2.4T with over 104,000 miles. The transmission is slipping and will need to be replaced in the future. If I get a new transmission, it will cost about $6,200 and have a lifetime warranty. I invested a remote starter, GPS/stereo, and rear camera into the car.

Should I get a new transmission or a new/used car? Nothing major ever broke in the car.

I do not have much money right now.

Any advice you give will be cherished.

Thanks.

You have to look at it in a few different scenarios. First off the car is only worth about $1500. Is it really a smart investment to dump $6200 into a car worth so little? You could take that $6200, along with whatever you may get out of the Volvo and buy a newer car, but you may get a car with a checkered past.

I took the second option myself. The transmission did go out on my 07 Grand Prix, and rather than waste time and money on a car worth so little I bought myself a newer car that gets better fuel mileage. I hate having a car payment again, but I have almost no worries about this car. My Pontiac had me nervous for years, because of the notoriousness of the transmissions randomly failing.

I took very good care of the car. It has very low miles. I am leaning toward repairing the transmission. I forgot to mention that I got it a new strut.