I have a 2002 VW New Beetle with catalytic converter issue. Is my car worth repairing? Should I get rid of it?

Here is the situation: I was driving from a church last Sunday when the check engine light came on. Took it to a local mechanic in my community who was able to read the code--P0420 catalyst system efficiency below threshold (bank 1). The mechanic told I had 3 options: 1. Install new VW or VW like converter. This option costs $1000 to $1300. 2. Go to a muffler shop, have them place an aftermarket converter with the cost between $300 & $600. The converter brands available would be either Walker or Magnaflow. 3. Cut my losses & get another car. He recommended this as I mentioned at the time that the car used a little oil, about half quart between oil changes@ 3000 miles. He said there had to be something wrong with the motor for this to happen to catalytic converter. I smell no bad odor from the exhaust emanating from the car. Seems to run fine. Hence my questions.