Cash for clunkers? Maybe it's cheaper to keep her

Now that the so-called federal Cash for Clunkers program has doled out its $2 billion and has driven off into the sunset, it's time to consider another way to save big on your car or truck.

And perhaps you should have considered this other option instead of trading in your car for the maximum $4,5000 rebate once available from the now defunct Cars Allowance Rebate Program (CARS) -- AKA "Cash for Clunkers."

All you had to do was spiff up your baby with a new engine and the money you saved could have convinced you it was cheaper to keep her.

Both for those who didn't qualify for the rebate and for those who couldn't afford a new car even with the $4,500 rebate, a new or rebuilt engine can add years to your car and more mileage to your transportation dollars.

The Engine Repower Council has always been able to crow about the potential savings that comes with swapping out your dead engine for a new one -- even during the CARS program.

"For the cost of an average down payment on a new car or truck, you can repower your vehicle with a remanufactured or rebuilt engine, gaining years of reliable service and improved fuel economy all without monthly car payments and higher insurance rates," said Dave Wooldridge, council chairman.

Okay, so your old car's new engine may not come with the fuel economy and planet saving aspects of today's new hybrids. (Don't overlook the energy and raw materials saved remaking an engine compared to processing a clunker and making a complete new car)

If you've also got transmission trouble, a cracked crankshaft and an exhaust system that stinks, a new engine isn't going to be enough to resurrect your rusting hulk from the junk heap.

Of course, car buyers who roll in transportation designed to make a status statement probably don't need to save money and could care less about the environment.

But if all your ride really needs is a new engine, buying a new car can be a like buying a new home because the roof is shot.

Take a look at the cost comparison chart.

The council says the costs are estimates for repowering a worn out used engine, based on popular vehicle models and installation. The estimate would also include the replacement of the thermostat and water pump and disposable automotive parts including spark plugs, ignition wires, belts, hoses, filters and gaskets.

The costs are based on a vehicle’s engine, or an identical one from another like-vehicle, completely disassembled, cleaned, machined and remanufactured or rebuilt. The numbers are not based on used or junk yard engines with an unknown performance and maintenance history, but rebuilt engines are dependable, reliable and backed by warranty programs.

The council says the prices are a good indication of true costs associated with installing remanufactured/rebuilt engines.

The council says actual costs may vary due to geographic location, automotive repair labor rates, types of engines, freight costs and other factors.

You should also ask family, friends, co-workers, your current auto mechanic and others you trust for referrals (for estimates) to several licensed, trade-group certified mechanics (typically National Institute for Automotive Service Excellence or ASE-certified and labor union members) who specializes in rebuilding engines for your make and model of car.

It's an option that doen't count on a federal bailout.