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Should I scrap my 2001 Mazda MX5 - or keep it on the road?

I have a 2001 Mazda MX5 1.8 with around 70,000 miles on the clock. It will probably fail its next MoT. Even though the engine and gearbox are still top notch, the cost of essential repairs (including exhaust/cat and four springs) will exceed its value. The bodywork (except sills), vinyl roof and interior are in very good condition and it drives really well. It seems such a waste of a great car to scrap it. What do you suggest, please?

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I think the best thing to do would be to get it MoTd and see what it fails on. It might not be as bad as you think, but if it is then at least you know and it will be easier to sell the car on as a project as it will have a list of jobs needed for the MoT.
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