Newbie needs practical advice - replace motor or sell for scrap

PUT A MOTOR IN IT! Thats just my opinion how you ran out of oil is beyond me but def put a motor in it the fact that you wanted to give it to your son one day is the coolest thing a Dad could do. Even if you dont have the money now just start saving and looking for used engines there are tons of places to get used cobra engines, or even better get a terminator motor for it out of an 03 cobra. But really keep fix it and keep it.

ClaMoore said:

I'm the (formerly) proud first owner of a white stock 2001 Cobra with leather interior and a new black convertible top.

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Nothing like a new top!

ClaMoore said:

I inadvertently allowed it to run out of oil. (No leakage or smoke was visible, but that's a post for a later date.)

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What a shame

ClaMoore said:

I'm not mechanically inclined (DUH!) and need input on what to do now. I've babied it (until this), and I had hoped to let my 10 month old son have it one day, but I could use a truck for hauling building materials for my 110 year old money pit, I mean, house.

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Yeah I hear ya I could use a truck to haul crap to and from my money pit as well.

ClaMoore said:

Should I sell it for scrap?

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Hell no! You could part it out and make WAY more money. It would take a lot longer but you could run eBay auctions on those parts for years and make money all the time.

ClaMoore said:

Have the motor replaced with a new, remanufactured, or used engine?

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Yeah do this.

ClaMoore said:

I have no idea how a replacement engine would affect resale value.

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Meh, who cares? You are going to give it to your son right? Do not ever sell it that is the Cobra owner way mang!

ClaMoore said:

Would it be worth keeping for my son?

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I think so but it is a lot of power for an inexperienced driver, odds are good he will wreck it unless you give it to him as a graduation present from college at the age of 25+ My son is 12 I struggle with the same issue, will I let him drive the Cobra? Most likely not because I remember what I was like at that age...

ClaMoore said:

When/if I get it up and running, should I drive it a few more years while saving money for a truck, or sell it immediately and finance the remaining cost of a truck?

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Keep it forever do not change your plans just because of this unfortunate incident. People are going to be giving you all kinds of good advice on how and where to get deals on engines and such, just take the advice and fix it.

geez man, don't scrap the thing

Don't scrap it! You could get a Teksid out of a Mark VIII for cheap...... wait I am getting ahead of my self. First you need to know WHAT in the motor let go. Did it spin a bearing? Break a rod? Crack a piston? If the block is salvageable then that will save some cash. If the crank and rods are good that will also save allot. If all it needs is new pistons and bearings then its not that big of a deal.

First thing is the engine needs to come out and be inspected.

Keep it and fix it/