I would only add that with 150k on the clock you're getting close to needing upper end work which could easily set you back $4-5K (unless you DIY).

That puts things into a whole different perspective.

Another option would be to fix her up to run and look the best she can and sell her. Take that money and the money you would pay in getting this car in order and buy a lower mileage nicer specimen. They are some great buys out there right now.

By the sounds of it, you're probably looking at least $3-4k in repairs ahead of you (not factoring the head work and another $5k) assuming you will do some of the work. The AC will be the biggest expense and probably something you may need help with. Plus the exhaust system is probably original and on its last leg adding some more big bucks to your list (cats, muffler, etc).

I'm in a similar situation with my SEL and have concluded that another lower milleage 126 would be a MUCH cheaper way out in the long run. My car has around 165k and runs great, with a solid body that needs some paint... but I know there are a lot of things that WILL need attention soon like heads, exhaust, Injectors, ball joints, suspension, and who knows what else. I'm on borrowed time. I could easily spend $10k to get it right. It's not worth it for a car thats only worth $3-4k max. If did get it in order and tried to sell it on eBay I couldnt get much more for it due to the mileage. Maybe $6k if I were lucky and had the right buyer so spending big bucks on it would be a poor investment considering the other option.

I am certain you can find a nice well kept SEL with all records that someone fell out of favor with and is looking for a change. I've seen real nice ones go for ridiculously low prices IMO. I think - rather I know - you could find a lower mileage gem for $8-10k.

You can definately fix your car to run great, but you can never turn back the mileage!

Just my 2 cents.