I am seeking advice, in a "what would you do" sort of way. My beloved '98 V70 AWD has about 206.5K miles on it. Apparently, the catalytic converter is shot and will need replacement. At 210K miles, it will be due for a timing belt. I am getting differing information about the converter--some say aftermarket converters work well for about $450, while others say they don't, and that only a Volvo cat will do (about $1200, apparently). So, it looks like, between the cat and the timing belt, I'll need anywhere from $900-$1600 worth of work done to keep the car running. I doubt I could sell the car for more than about $2K. It runs great, but has outward signs of wear (dings, dents, tearing seats, etc.) On the one hand, I hesitate to put money into a 20-year-old car that may develop additional problems with major parts (like transmission, etc.), especially knowing I would never get that money back were I to sell it. On the other, I could spend the money and end up having a good, solid car for the foreseeable future. If I were to ask myself whether I would buy this car, knowing what I know about it, for, say, $1200, the answer would probably be "yes." Am I deluding myself? Should I move on to a newer (2004-2007) XC70, for example, for about $4500? On a related note, do I HAVE to replace the converter? Can I simply drive the car with a bad converter until the car gives up the ghost, which could be years from now? Thank you for your advice on this!