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2002 Prizm burning oil

Purchased the ride from an auction. Starts and drives just fine but discovered it uses one quart of motor oil every 350 miles. Doesn’t smoke so the cataylic converter must me working overtime! Have read that this car with the automatic transmission equals LEMON. Apparently Toyota recalled 'em but GM didn’t. Something about automatic transmission geared improperly causing excessive torque and slapping the pistons around causing them to wear out their rings prematurely. Don’t know if this is bunk but my wife really likes to drive the thing.

Question: If I buy a rebuilt engine and install it myself does that fix the problem? If the engineering is bad on the engine/trans combo how much time do I have before the problem resurrects itself? Currently the Prizm has about 90,000 miles on it. Anyone know of the definitive correction of this problem?

There are some bad mechanics who are willing to throw expensive parts; but, a part as expensive as a replacement engine …?! One of them would be glad to accommodate you.
If, on the other hand, you want a potentially much cheaper solution, take it to reputable mechanic for diagnosis.