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Personally, I'd go with the new motor. I've heard too many horror stories about estimates going over. They might hit the estimate or even be under, but if they go over, you're just that much closer to the price that you would have paid for a new motor with full warranty.
Now for the right question: What is the normal life of the timing chain? I know in an older eclipse, they were almost guaranteed to fail before 70000. I am not near that mileage, but wondering anyway.
The engine has a timing Chain, not a belt. Most OHC car engines have belts (quieter and lighter than chains) that require changing every 70k miles or so. I don't think there is any normal maintenance on the timing chains (there are 2) in the V-10.
According to the mechanic, he believes the scenario is that the previous owner didn't change the oil and it caused a bunch of sludge in the motor (there is a bunch under the valve cover). Some of that sludge caused the engine to lose oil pressure, the timing chain tensioner pumped down, let the timing chain jump a coupe of teeth and then the pistons crashed into the valves on that side of the engine.
At least 4 of the rockers were cracked, he suspects that valves are bent, pistons cracked. If the engine truly lost oil pressure, then it needs a bottom end rebuild as well. Basically, new motor time.
The good news is that everyone I talked to that doesn engine rebuilds and swaps says that it's very unusual to happen to the V-10 and they see very few Ford V-10s come through their shops with catastrophic engine failures. That doesn't do me any good, but oh well, at least it's worth fixing. I think I would be a lot more upset about a $5k bill if those folks said "Yeah... we see those all the time..."
OK. I feel better now. Thanks guys. I changed the rubber band in the Honda at 90k per instructions. I will continue to perform proper maintenance on the X and put my hope in many 100's of thousands of miles of service.
It sounds like for the responses that V-10s aren't dropping like flies or anything. Right now, I'm going to chalk it up to bad luck on a used car (DPO didn't change oil) and get over it. My expectation is to keep the truck for a very long time, so sinking $5500 into it is probably the cheapest way out. (as much as it stinks)
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.