This "keep the old car and fix it" is a controversial topic indeed. For many, it makes good sense. The posts made here are from somewhat mechanical folks who know how to care for a car, and "listen to it", knowing when something isn't quite right, and get it in for service before a major breakdown/expense. They keep up on maintenance also, without having to be reminded by their repair shop, let's say "proactive". The other part of the equation is finding a good shop that is trustworthy and has had experience with your particular vehicle. Shops like this can be tough to find, many car owners make the mistake of shopping for the lowest repair quotes and bouncing around from one facility to another. It is important to have a bit of a "relationship" with your shop, they know you and your car, you can trust them. Long time repeat customers are bound to get better service.
Unfortunately, this is just not the reality for most folks. Busy life styles with kids (especially kids who drive), tight schedules, lack of basic mechanical knowledge and skills are more the norm. Many folks (especially with kids) don't have a lot of cash to spare, proactive car maintenance ends up taking a back seat. Owners often end up going to second rate shops only to end up with ridiculous estimates, only to be followed up by more breakdowns even after forking over big bucks. Sure, some cars are better than others. But, even the most reliable cars can be taken down quickly by poor maintenance, driving habits, and inexperienced/uncaring repair facilities. On the other hand, cars not known for great reliability can sometimes give good service to more proactive drivers and service shops that are familiar/experienced with their particular vehicle.
Needless to say, pouring money into a rusted car is a waste. Sometimes you just need to know when to give up on a car. I can appreciate drivers who prefer to get new(er) cars, drive them for a few years doing only basic maintenance, then trading them in while they still have decent value. More expensive, sure, but it is super easy these days to pour money down the drain continuously on their current car. Needless to say, one needs to be in a good enough financial position to buy new and trade in after a few years. This was "the norm" back in "days gone by" when I was a kid. The problem is that folks who can least afford such a luxury are often forced to make poor financial decisions when the old car they have been driving and driving finally just "gives up".
Many would wonder why I "gave up" on my 09 Camry. Well, I did manage to get 220K miles out of the original 2.4L engine, the ones that are known for burning oil. Toyota did have a campaign to rebuild them, but mine did not use enough oil to qualify, only because I am super proactive about oil and all fluid changes. The only way to properly repair the engine at this point would be to install a factory fresh "short block" with all the improved bits/pieces that resolve the oil burning issues. I would not trust most shops to "rebuild" my engine, and these modern engines can not be bored oversize. I was amazed to learn that you should not even attempt to machine the block deck, because that will affect the timing chain's relationship to all those crazy cam shafts and gears causing computer issues. Because I change my own oil, I could see what the northeast winters have done to the underside of this car (replaced the rusted oil pan this fall). If I was to go ahead with the new short block, I would certainly want a new clutch, water pump, alternator while the engine was out on a stand. (Radiator and starter are new). Needless to say, I would want the head gone through while it was off as well. This repair would have to cost upwards of $7K, and I probably would have spent that money on it if was a car from the west coast/southern region.
So, I made the decision to get a newer car, forked over the $20K. Everyone said, and they are right, you should buy a new car. I would have, but can't really justify spending $45-50K. Wanted no part of a car that shuts at stop lights, has "direct fuel injection", and an 8 speed transmission. The jury is still out on whether or not I found a good used car. Slowly discovering little things that upset me about how it was cared for, along with the fact that someone installed some idiotic "remote start" and alarm system, along with aftermarket tail lights. Needless to say, I will have that system removed and eventually replace the tail lights with stock pieces. I will probably invest another $2-3K to get this vehicle in the mechanical shape it would have been in had I owned it since new. Oh well, don't have to drive back and forth to Boston anymore, so won't be racking up the miles, hoping this might be the last car I have to purchase.