Is it worth it to replace the engine?
I was recently told my Lexus RX needed a new engine. Roughly $6,000 to
replace. It is 2008 RX 350 with 128k on it. The interior and exterior is in
excellent shape. My question is, is it worth it to take a loan out and install the
engine or sell it as a "mechanics special" and use that money towards another
used newer car?
Here are my thoughts. The vehicle is worth around $6 to 8K with a proper running engine. You will never recoup that repair cost. Can you find a mechanic to install a used engine for less than that, like around $3K? You mentioned taking a personal loan out. The vehicle is 14 years old, and I would hate for you to put a new engine in and have this loan and something else goes wrong with it and you won't have the funds to fix it. I would only repair it if you paid cash and decided to own it for the next three to five years minimum to recoup the cost. Does the engine run? If not, you will get no more than $1K for it. Tough choice.
Are you sure you need an engine? These usually run a lot longer than 128K unless it was not maintained properly.
I'd trade it in , you could replace the engine and then the tranny will go bad or a whole string of things will need replacing , brake lines , fuel lines and the other stuff that likes to rot out on a 14 year old car . If you find someone to do it cheap you'll be sorry .