Do I Sink Money or No?

Hi! I have a 2004 Honda Element which is in bad shape (it was my kids’ and he didn’t take care of it). I’m thinking of fixing it up and keep it for my daily driver. These repairs are going to cost upwards of $7500 and it has almost 160k on it. The car is paid off, but is it worth sinking this much money into a TRASHED Honda or do I put a down on a used car with less miles? I’m leaning towards not fixing it up.

I’d appreciate any advice.