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Last March we brought a 1994 Ford Telstar for $2000.
It needs a CV Joint replaced and the front brake pads replaced, is it worth getting it fixed or should I buy a new car?

The CV joint and brake pads shouldn't cost too much to replace and if the vehicle is in otherwise ok condition it's worth repairing. At a guess I would suspect to replace one CV joint and front brake pads, including the parts, to be around $350 - but you should phone around to compare quotes.

Should I get it with or without disc machining?

It depends on the condition of the disks but if the mechanic has said that it's necessary then get it done.