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Whinning sound then a puff of smoke- 2001 Saab 9-3

My son has a Saab 9-3 that we have spent several thousand dollars on repairing since we bought it for $3200 less than a year ago.The car has a little less than 100,000 miles on it. Now have about $7300 in it. Had motor rebuilt, water pump replaced and several other more minor repairs. Was driving it this weekend when he heard a loud whinning sound then a puff of black smoke boiled out of the exhaust. It still turns over and runs but we had it towed to a shop. My husband things the turbo is shot. Could it be something other than the whole turbo having to be replaced? If it does, is this going to cost a fortune? Should we even put any more into this car? We have so much in it now that we hate to throw it away, but afraid of other major repairs adding to what we have already put in it.

There is an old Western cowboy expression when a horse is basically done for: “Shoot it in the head”! It looks like a money pit at this stage.

SAABs are no longer made and the parts supply is drying up. No matter how much you may love this car, it’s time to say goodbye.

I would put it on eBay or other website and sell it for parts.