I've got a 1998 Subaru Legacy GT limited 2.5 Sedan with 170,000 miles on it. My daughter drove it home from school (2.5 miles) making a horrendous noise. Had a mechanic who "specializes in Subarus" come and look at it to diagnose- after repetatively starting and checking eventually the vehicle stopped running altogether. He advised that he believed that the timing belt broke but if I towed it to his shop he would be able to tear it down to make sure no further damage. Estimate approx. $800-$1,000 to R & R belt, pulley(s), tensioner and water pump. Once at his shop and after further investigation he advised more damage and recommended replace heads, oil pump, timing belt stuff, and he would completely rebuild the engine for approx. $2800.00 or he would buy the vehicle as is from me for $800.00. He claims that because this vehicle is a high demand vehicle and that after putting a new engine in it it would be "like new" and I would have no problem getting $4500-$5000 for it if I chose to sell it. The car otherwise is in very good condition interior and exterior (only has a couple of minor dings on passenger door panel and scraped paint on bumper), well taken care (of excluding ignoring recommended replacement of timing belt prior to 100,000 miles). It is bright red in color and I just sunk $800 for 4 new all season tires less than 2,000 miles ago.I may be female,but I.'m not totally ignorant when it comes to cars except in this case i'm not sure what to do.
1. Replace engine and keep the car for my own hoping to drive it another 170,000 miles.
2. Take the $800 and put it toward a newer used vehicle for my daughter who is going off to college, but insists that "now she wants anything but a Subaru Legacy" (She's still learning that all vehicles need to be maintained and sometimes it gets expensive"). (Equalling a total loss.)
3. Sink the $3,000 into it trusting mechanic that I'll be able to turn around and easily sell it walking away with $1500-$2000 to put towards another vehicle.
Would the resale value really be that high after rebuilding the engine and replacing heads with new? I'm so frustrated right now- I'm sharing my car wuth daughter, luckily for the sharing part I work seasonally at a ski resort and I'm not working now. Unluckily I'm not working now, so money is really tight, and majority of savings were supposed to go to help pay for her college. [Note she is working 2 jobs and enrolled fulltime at the community college and does help contribute financially.]
This amount of money to spend at this time is so much, I would just feel better if I had some other unbiased opinions regarding the costs quoted and suggested retail prices by people who are up on Subaru issues and have nothing to gain by lying to me, (not that I've ever been lied to a mechanic before haha). I do believe he's giving me a good Price on the work. All I have to do is drive 100 miles to pick up and pay for the heads and a new oil pump and bring to him.
lease any advice would be greatly appreciated, and of course I need to make a decision ASAP.