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Originally Posted by hufhouse
You're not alone, Curtis, but that's the thinking that I'm questioning here.
If your neighbor's Quest is otherwise sound, why not spend the money to fix the transmission? It's cheaper than any other option he/she has available.
But, beyond that, if you have a sound vehicle with a good interior, suspension, body, etc., and the vehicle "works" for your family, why not put $7,000-$8,000 into it and get a whole new drive train? Where else could you get that quality for $7,000-$8,000? And, a three-year warranty on the engine and transmission?
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But, just because its the cheapest option, doesn't by any means make it the most financially wise idea. You could spend $7-8k on a $2000 vehicle and you'd have a $2000 vehicle... or you could put that $7-8k into a new used vehicle that's worth $7-8k and be money way ahead.
I agree with your thinking, but most vehicles like the one you describe get exponentially more failure prone as they get older and you have a very good chance of losing thousands of dollars compared to swapping up.
The other thing I didn't mention because its hard to quantify is the general fatigue of the car itself. Unibody cars have a limited life. They are stamped steel that is welded, bolted, and (literally in some places) glued together. Over time the welds, glue, and bolts start fatiguing and you're left with a limp-noodle chassis. An older frame-on-body car can be returned to like-new status with new parts since its completely modular. Its stiffness comes mainly from a huge heavy stamped steel frame on which you hang a body, an engine, a suspension, a transmission, etc.
If it makes you feel better, then certainly do it, but I'm actually considering selling my wife's Tercel because it needs a clutch and tires, and its worth $3500. For $3500 sale price plus what I would spend on repairs, I can buy her a nice BMW E30 3-series in better condition. No lie.