oh, lord... I probably ought not to be sticking my nose in, but I rarely take my own advice, so here goes.
arguments based on denigrating others' choices, etc., are rarely worth the time they take to present, are usually heavily opinion, rather than fact, based, and usually don't add value to the conversation. i try to avoid those, though I am just as prone as anyone else to jumping into the fray when i get annoyed.
second, financial arguments based solely on book value, etc., are straw man arguments that leave out some considerations.
when considering repairing/renovating(feel free to use your own words here; I assume my meaning is obvious) versus replacing (new or used) the proper values to use are the cost of the replacement, taking into account what is being purchased, and the cost of the repair/renovation, taking into account what the end result is.
For example, the book value on a 72 chevy nova with a 195000 miles is fairly low. Buying a replacement could, at best, eventually yield a used chevy nova with high miles in good condition.
I believe that if you renovate yours, you have at least, a used chevy nova in near new condition. that is what should be compared with any replacement car before you start looking at how much you've spent. It will come down to "what's it worth to you?" Since that has a different answer from everyone asked, it is not subject to a right/wrong decision.
Certainly, insurance value should be a consideration, but that is the trump card, then just stop now and start buying used checker cabs and cop cars.
OBTW, I'm right and no one else's opinion matters.