A really interesting topic and discussion. When you decide to repair or say goodbye to a car is a very personal choice. The bar can be quite low for some people (ashtray full!).
I think the key questions to ask yourself are:-
1) How much will it cost to get the car to a condition I will be happy with?
2) Is it worth spending that amount when another similar car can be purchased?
3) Can you be bothered to chase parts and wait for repairs?
4) Your own “gut” feeling will tell you if it is time to let go.
I like Malc’s attitude – blow the cosmetics, if it rides well and is roadworthy then keep it.
I only remember driving one classic car, which was in very good condition. It rattled like an empty tin can and I thought the brakes were faulty (non-servo). No matter how it looked I could not live with driving around in that car. The LS400 IS something special. I sold my Mk3 after one year of trouble free ownership and I always said I would have another. But there must come a time, when for the individual, the car is no longer acceptable.
In the cold light of day Malc’s approach is the sensible one but I am not sure I could let my LS go to the point it looked shabby. I have great admiration for those that spend hours on their cars and to those who choose to pay others to bring them up to a good standard.
My next job (just had front discs and pads done) is to get the wheels refurbished. Will it make the car run better? Frankly no, but to me I think it will be worth it. It is all down to personal preference. I am far less concerned about my RX300, as I know that I can get a later model if it goes pear-shaped. The LS400 is getting old now and good examples are hard to find - and at a cost.