My 1989 300e has gained most of its 98,000 miles in very short (1,2,3miles) trips. It has had a few problems down through the years, but nothing major besides a/c. It does drink extra oil (about a quart every 500-700 miles) and its steering is losey/goosey.

Would it be a wise investment to have the oil problem corrected (about $1600) and the steering tightened and keep the car or is it probable that other major problems are just down the road and will require more large outlays? Any crystal ball gazing would be appreciated.