engine failure options

[Bhavesh]

there was a random tapping noise (just for a few seconds) on my 2001 corolla (116k miles, oil change every 2-4k) over the past year or so, that would always go away within a few seconds

then on my way to school yesterday, the tapping got louder and louder and the engine stalled when coasting in neutral

oil level is topped off...there was almost full oil as this was happening

so now, the car will start, but there is a tapping noise towards the cylinder head and a rocking noise coming from the bottom of the motor, which makes me think it spun a rod bearing

So what are my cost efficient options and the pro's and con's of each?

• get a used engine ($800-$3,000 online) and have it installed?
  
• get a rebuild kit ($404 on ebay) and have it installed?
  
• just scrap it and buy another car?

I just need the car to last about 1-1/2 years until I graduate school and get settled

[zythr]

Have you ever had the valve clearance checkd/adjusted? Depending on how much you like the car and how much you want to spend, it would probably be a better to just keep it and fix it.

[Bhavesh]

I never had the valve clearance checked or adjusted, how would that play into the options?

I don't like the car a whole lot, but what I'm looking for is the most cost efficient and hassle-free option to last me 1 year

[wylee]

Buying a used engine would probably be the most cost effective...unless you can find a sucker to give you a ridiculous amount of money for your car. I think you'd find paying someone to rebuild the current engine would easily exceed the price of a good used 03+ engine.