When to let an old car go?

About 99.5% (percentage anally derived from my experience in the automotive business, but damn close to right on) bubbles are from hitting a curb which pinches the sidewall which cuts the cords inside the tire and causes a bubble. This is almost always excluded from the warranty* as it is NOT a defect in materials or workmanship, it is caused by an outside influence.
I would bet a beer that the tire is question is or has been on the right front or right rear, and just maybe on the left front. If it is on the left rear, it is from hitting a pothole.

If you have a buyer protection plan it probably is covered, but not all tires come with that, this is usually an extra cost option.

Why do you have to buy a set to replace one tire? Go to a used tire shop and have them match the size and the wear to keep it equal.

If your car’s in running condition do that and drive til it breaks down.

We are coming up on 200,000 miles on a 2003 Honda Oddyssey.

I would say it’s tough to run a luxury/sports-oriented car on a 30k annual income, even though you own it outright. But having done most of the expensive work on it, I’d keep it, budgeting another couple of grand for the items already mentioned.

Also, who the hell gets 50k miles out of a set of tyres, especially in a sports saloon driven to anywhere near its capability? I consider 20k a very good mileage to get out of a set, even rotating them. But then I do have 250bhp going through the front wheels (though I, and my traction control, do my best not to spin them too much).