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New Engine or Not

A piston in my 2002 Mercedes E320 broke and went through the engine block. I am told a new engine is needed at a cost of $17000. A used engine is available for about $6000 with 92k miles. I still owe about $6000 on a loan for the car. I was planning to keep the car for at least 4 more years. What should I do?

I know it’s a Mercedes but 6K for a used engine sounds high. The vehicle is worth about 8K (in running condition) in my area so you are near the break even point if you just paid the vehicle off and got another one. You could sell the vehicle as-is and put that money toward another vehicle. If you could find a deal on a used engine for 2-3K it might make sense to keep the car. You will also have expense associated with getting the engine installed however. It’s your decision but facing the number crunch tends to make me think that the best thing to do is to move on without the Mercedes.

I agree with missleman’s logic.

I also agree with his comment about the price. I looked up rebuilt mercedes negines and you can get a rebuilt longblock (engine with heads) for $6K.
http://www.mercedesengines.net/products.asp?cat=32

If it were me I think I’d post this for sale with full disclosure in the add, pay off the loan balance, and look for something else. You may just get lucky and get an offer from someone who owns a boneyard and has an engine to put in it.

Sincere best.

Thanks. I had already looked up the value on KBB. I have found an engine for a little less than $5k. I am going with that. Wish me luck.