My engine management light is flashing and I have a lack of power and a rattling sound when I rev the car. When I start the car smoke comes from my exhaust. What is this likely 2 b im also using alot of water. My oil levels are correct and clean.
That means it has a misfire that is serious enough to damage the Catalytic converter and shouldn't be driven that way. You need to start out by having the codes read and that will identify which cylinder and then you can determine the cause.