Maybe your used car market is different than ours, but a low mileage Honda like that here would still sell for several thousand here. The cost of the service to replace the belt and water pump is much less than buying the equivalent replacement car.
I think if we ever decide to sell, we could recoup a decent amount of money we spent on the car.
You have to know my personality though with vehicles. Pay cash for used, If it runs and it's been somewhat reliable, I generally do not sell a car, but run it into the ground (my wife made me get rid of our avalon with 396K on the odometer because it had too many "tricks" for her LOL). I donated that one.
For myself and my wife, a vehicle is to get to point A to point B, and knowing what you need it for.
Between my wife and I, we have 4 vehicles now not including my company truck and our son's car (we're keeping it for him since he's away in Texas in the Air Force).
My boss says it must be nice to be rich to have so many cars. I ask him how many he has and he tells me 2, truck for him and SUV for wife. His total cost on 2 vehicles is 100k
$15K for our truck with 68K when bought, now 215K on the odometer
$15K for our SUV with 73K when bought, now has 235K on the odometer
$5k for the accord withh 91K when bought, now about 126K on the odometer
My dad left me his car when he passed away. Kind of a sporty V6 coupe my dad wanted to have fun with, so it's basically a "freebie", but one I will never part with.
So, as I explained to my boss, that's 3 vehicles we paid a total of 35K, with about 379K driven on them, and he has two vehicles that were 100K paid, with less than 40K driven, so who is the rich man? LOL
I'd much rather pay cash for a used vehicle, have no loan and just be careful how much I put into the car for total miles driven.
Since my wife wanted to downsize, I was putting off the belt off on the honda because we don't drive it much and that would be the first vehicle she wants gone. Now that it's being driven by someone the last couple of months, I'm wondering about it, and starting to think I should bite the bullet and get it done, because if it does break, the vehicle would be scrap for the most part. Added reality is at this point, honestly don't know when we're getting the vehicle back anyways so it could just be money thrown away as well.
Sorry for the long winded explination, but hopefully gives you some insite into my line of thinking.