Engine Mechanical problem
1993 Pontiac Bonneville 6 cyl Front Wheel Drive Automatic 122000 miles
My friend recieved a 1993 Pontiac Bonneville 3.8L N.A. With 115k from his grandma after about 7k of him driving, the other day his oil pressure dropped to just above the redline and you can hear a loud knocking. We checked the oil and it's full and had a recent oil change less than a 1000 miles ago. He ended up buying a newer car and sold me the Bonneville for $500. He put new suspension ( for 93 - 95 SSEI ) and aftermarket brakes, new tires and rims ( roughly $1,500 ). Is it worth fixing ( don't know if it's bearings or oil pump, or whatever ) or should I purchased a crate/rebuilt 3.8L and transmission and pay tyo have it in. ( If an engine and tranny w/ instalation is less than $2500, I figured it's a deal ). What would be a good idea, and what do you think it might be?