1995 Toyota Avalon Light on Dash

The O/D Light is flashing which according to the owners manual means to have it serviced as there may be a problem with the transmission. I have not noticed any problems while driving and don't want to spend a lot of money to fix as I only paid $1200 for the car. Do you think it would be okay to keep driving? Also would you repair or just try and get rid of the car?

Thanks!