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740 GLE DOHC 16 Valve Problem 700 1990

Hi guys, I am a newbie to this board

Anywayz, I have a 1990 744 GLE (the 16 valve one with 150hp) with 160000 miles at my house, it's been a great car ever since my dad has gotten it, the engine runs great and I haven't experience any trouble regarding ignition. There has been some maintenance done on the car (I think the timing belt and the oil cap thingy was done) However this time I need to replace the power steering rack and the calibre kit (it's something related to the brakes I am not exactly sure) and the dealership will charge me at least 1600$ CAN (roughly 1000$USD) to replace all that stuff

I was wondering, is it time to let this car go? Or should I replace those parts? I am afraid if I fix this part, another part might fail and it might be more economical to replace this car.

a mechanic said this 16 valve engine could last me a while, so I wanna get an opinion from you guys

thx






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