I have a 1996 Ford Explorer with 130,000 miles on it. It has now acquired some rust. Doing the body work will cost $1500. The car is otherwise in good working order. Should I invest the $1500?
“Invest?” This is not an investment, it’s an expense. If you want to invest $1,500 buy a CD at the bank.
If there’s rust in one area there’s probably rust in another, or more. How far are willing to go to find and repair all of the rust?
And what will you do when, a year from now, another rust spot appears? As Neil Young told us, “Rust never sleeps.” This could be a never ending battle.