Fixing the Old Car or Buying a Newer One

On Sunday afternoon the Check Engine Light came on again.  When this happened in December it turned out the car needed an oxygen sensor which cost about $250.  I decided to go to AutoZone who advertises they will do the scan for free.  It turns out that I need a catalytic converter which will cost $550.  I have a 2000 Chevy Cavalier with only 66,600 miles.  I only use it for local driving so I decided to fix it.  I bought this car brand new in 2000 for about $15,000.  When the time comes I would buy a similar car 2-3 years old with about 30,000 miles.  I did a little window shopping on Carfax today and noted that it would cost $10,000-$12,000.

I guess for now it is cheaper to keep the old one.  I just hope I don't encounter large repair bills.