GMAT Strategy

Desperately seeking advice.

Background: I took the test 2 years ago (in 2008) when I spent minimal time studying because I was very stressed out with work at the time. I scored a 480.

Starting late August this year, I took the Kaplan 9 week course and took several Kaplan CATs:

Diagnostic: 470
1: 490
580
580
520
540
560

As you can see my test scores are hovering around the middle 500's. Not ideal and not my target score (650's). I finished the Kaplan course late Sept. and decided that I'm still not ready to take the test so I studied on my own for another month. My test is THIS SATURDAY on the 6th.

I took the GMAT practice tests this past Sunday and today. My scores were HORRIBLE.

CAT 1: 500
CAT 2: 480

I've been doing problems out of the OG book, out of the Kaplan online every night for 3-4 hours. Today's score finally made me breakdown. I have no idea if I should even take this test on Saturday anymore.

If I take it, I'm risking getting another low score (based on my current trends). This will likely cause AD's to see 2 low scores and wonder why this person have not improved over the course of the 2 years.

If I don't take it, and wait a couple weeks, I'm skeptical a couple weeks will really help boost my score. Moreover, this would cut into my time with writing essays and other parts of the application.

Last option would be not to apply this year, and just hone in on the GMAT for as long as it takes to get a good score.

Can someone please provide some advice? I'm thoroughly confused, stressed, depressed, you name it.

Thanks.