OP here with another update . . . forgive the long post, but I want to share details and put my thought processes out there for you guys to digest and dissect. I really appreciate all the feedback you’ve offered. This is a good forum and you’re a knowledgeable and entertaining group.
After going over the car, my mechanic said the only work he’d recommend beyond the exhaust system is an AC recharge and rear brakes and springs. Total cost would be in the neighborhood of $1350. KBB on this car is about $1100. I’m seriously considering having all the work done and keeping the car for a few more years.
I was kind of speaking tongue-in-cheek about teaching my son to drive on it when he’s older. It’s one of those “relaxing in the back yard with a beer and thinking that would be really awesome” kind of thoughts. I really do think it would be awesome, but I recognize as some of you noted, that it’s not the most practical idea.
Even though it doesn’t add up mathematically to invest more than the car is worth, I’m trying to look at this from all perspectives (other than my sentimental memories – trying hard not to let that enter the equation). The car is basically a backup in case something happens to one of my newer cars. The insurance is dirt cheap, as I don’t put many miles on it and don’t carry comp/collision anymore. I do know the maintenance history. In fact, I’ve done a lot of the basic stuff (oil changes, plugs, wires etc) myself. It doesn’t even burn oil at this point. And, I do like my cars simple. When I think of the features that a new (or newer used) car would have to offer, the only things I’d really be interested in would be a backup camera and a permanently-mounted dash cam. I don’t know that either of these features would be worth the $200-$300/month in auto loan costs I’d likely have to incur to buy something several years newer.
I can’t really pursue the option of going to a muffler shop for some lesser-scale work on the exhaust system. I appreciate the suggestions, but the only shops I have in town are corporate chains - your Midas and Meineke types. Based on past experience, I’d prefer to avoid them.
The other thing that comes into play is that I have thoughts/ideas/dreams of making this car into a project of sorts. I work in an office every day, sitting in front of a computer all day. So, I really enjoy spending time on a weekend getting grease under my nails. I wouldn’t try to do the exhaust system myself, but the next time my brakes need work or a sensor goes down, I might try the repairs myself. It would be a good chance to learn new things and gain some skills. And, if I botch the job, I’m doing it on an old car that’s beyond its prime anyway.
So, I’m thinking I might plunk down the money and keep on rolling with this car for a bit. I welcome any thoughts or suggestion. I’m sure there are angles I haven’t considered.