Very minimal knowledge on cars, so looking for advice.
purchased a new blazer in April 2020, loan was for $11,000 more than the purchase price of the vehicle because I had to turn in a lease wayyyy early (at 1.5 years on a 3 year lease because I was wayyyyy over my total mileage allotment and was going to be stuck with upwards of 10k in mileage penalties) and the lease remainder was rolled over. I drive for my job and rack up miles like crazy.
Last week I was driving on cruise control approx 80mph and came upon a hill with a sweeping right turn. Car race reved up on its own to maintain speed, but then something changed and all of a sudden it sounded like it was reving as if I was full throttle. it was so loud. RPMs were at about 6,000-7,000. I pressed the brake to cancel cruise, got over to a slower lane, and slowed down to about 65mph. Everything seemed fine for about 5 min, then all of a sudden the car went limp and I had to pull over. waited 10 min with the car turned off, keys out, doors locked (so sensors could reset) then tried starting. engine turned over several times in a row but car would not start. Towed to nearby auto body shop. They showed m me the engine oil stick and s aid it was low, but not out, and a little gritty. next morning they called and just said “engines toast” and said it will cost me 5k for a new engine to be put in.
i still owe 7,500 on the car (because my loan was for so much more than the purchase price).
i should note: CAR CURRENTLY HAS 199,800 MILES!!! was running perfectly fine before this.
Not sure what to do. Pay for the new engine, hope there isn’t anything else wrong, then try to trade it in? KBB says it’s worth ~8k trade in value if operational. Or should I cut my losses, spend the 5k to pay down what I owe and roll the remaining 2,500 into my new loan for my new car? Or maybe get a second opinion by taking it to a Chevy dealership and paying for a comprehensive diagnostic before deciding?