Does my friend need a new transmission

I have a Honda Accord 2000, inline 4 engine. There is a small hole in the exhaust system before the muffler. While on the way to the mechanic to fix this problem, the check engine light came on. Mechanic reported it was due to faltering transmission, apparently a common problem with early 2000 Hondas. Mechanic reported that if I continued to drive it, the check engine light would continue to come on and car would eventually die due to bad transmission.

Car has been having difficulty maintaining power and pick-up, and only goes a max of 65-70 when floored. Problems in shifting are not very noticable, but car is not very safe to drive due to long acceleration time and overall slow speed.

Hole in exhaust was not repaired, due to my resignation that I needed a new transmission, a repair about equivilent to the value of the car. Help!

The symptoms you’ve given leads to the transmission slipping badly. If you had the transmission repaired sooner perhaps it could have been saved, but it seems like you are driving it until it breaks down completely. At that point your cheapest option is put a used (non rebuilt) transmission in the car and see how long it lasts. Some used transmissions are perfectly fine, others are not so good but all would be better than what you’ve got now.

I wouldn’t want to actually say anything specific without actually knowing what the computer codes were that triggered the light. There is no code that says “faltering transmission.” Were you given any actual codes? (They would be in the form of a letter followed by a number such as P0123). Call and ask if they have them. Or you can get them read for free at an auto parts chain store (e.g. autozone).

When the car won’t accelerate is the engine revving up really high, but it just won’t seem to go? If so, then I’ll go with the badly slipping transmission.

I’m with cigroller here. Lets start with the codes first. Car having difficulty maintaining power and pickup??? That could also be a drivability problem. Post the code/s the mechanic pulled from the computer.
Also Is the D4 light flashing??