Keep it or part it?

I am the original owner of a 1995 VR6 GTi. To say this car has served me well would be an understatement. It currently has 279,500 miles on the original engine. The seals do no leak and the engine runs amazingly well. Living in the Northeast, my nemesis is rust and I am concerned about passing inspection. I think in order to do so, I would need to put some $ into it...and I do when necessary. However, it hasn't been to keep it on the road. This time it might. The car has had Bilstein's on it since 60k miles and like I said, runs very well...surprisingly well. I use it as a lower mileage "commuter" car alternative to my Touareg. The question is this recognizing the private sale value is $500 and the "trade in" value is $180, do I:
a. do rust repair and keep it using it as noted?
b. part it out with hope of greater return?
c. just sell it as is to some kid who would / might put the time into?

Thanks in advance for the insight.