Car Ownership

In light of the Home Ownership thread, I thought it’d be a good idea to post a car ownership thread where people can talk shop, get advice on repairs, get advice on purchasing new cars, etc.

I’ll get started by asking when you decide it’s time to trade in for a newer car. I’m in that conundrum now. I hate car payments and my wife and I own two vehicles. One is a 2017 and almost paid off. The other is a 2007 that has been paid off for almost a decade. We use the older car as a backup since my wife usually stays at home with the kids (we homeschool and she teaches them). But if they need a car for doctors appointments or what have you, I’ll take the older car to work and they use the newer one.

Anyway, would it be best to put some money in the older car to get it painted and looking better or getting a new one? It’s a Honda with about 140,000 miles on it and mechanically sound. Should I just drive it until the wheels fall off or trade up?