Thanks for all of the good info. I'm in my mid-30's and just sold a perfectly good 2001 Honda Accord EX in order to cut expenses and purchase a house in the coming months.
I saw this car for $500 bucks offered by a Professor at the local college. I grabbed it thinking if it got me to work and back for 3 months, it would have served it's purpose. The car looked really neglected.
Then I cleaned it...
Suddenly the car looked amazing! With a little detail the exterior and interior looked almost new. I needed a few things: headliner, tires, shocks, etc., but those were minor.
The engine had this front and rear oil leak, mainly due I think to a neglected breather box and flame trap. We got that in shape, updated the ignition system and she is supposedly running like a charm -- with a knock.
So, my thoughts are no longer that this is a 3 month temp car, but a car I want to restore to the best condition possible and put another
100,000 miles on. In my mind, if everything else on the car looks and works well, why not have an engine that is perfectly solid?
In sum, I want an engine and drive train that I know will let me take
400-500 mile road trips a few times a year, and that the core is solid so I can begin to update all of the peripherals and bells and whistles.