Engine I'm looking at buying

I'm revising my post. Please vote which engine is the best of the two

I'm loooking at buying an engine for my Toyota MR2, it's a turbo 2.0L DOHC.

1. I found one with unknown mileage, the owner says that he drove it for 100 miles, and then he blew the tranny. He also said that the engine was smoking, and that the turbo is shot, but he is including a low mileage JDM turbo. A complete JDM rear clip costs $2500 with the under 50k BS. I offered him $1000 for basically everything that the JDM clip would have. Did I make a mistake? I plan on refreshing the gaskets, should that take care of the smoking problem. I think that I can buy a good tranny for $150. Is this a good deal or not? I would also need a gasket kit, and Stage 3 racing clutch.

2. 100k on engine and tranny, both work. 3-angle valve job, HKS cam gears, and gaskets already replace. Included is also a Stage 3 racing clutch. Incomplete, I still need wiring harness, ECU and Intercooler with piping. $1800 + about $400 shipping.

If the turbo is blown, that could be causing the smoking problem. The oil could be leaking into the compressor side and be getting sucked into the intake. This happened to a dodge shadow, and the blown turbo sure helped that car live up to its name. Whenever you would sit at a stop light, the car would be engulfed in oil smoke, and when the light turned green people would be looking around for a car, but it would vanish leaving nothing but a cloud of smoke in its shadow.

I would do a compression and/or leakdown test on the engine though before you buy it. That will give you a better idea as to whether or not its the engine burning oil or the turbo. Fixing the gaskets will not take care of the smoking problem. The only way a blown gasket to cause an engine to smoke is if the head gasket is blown between the combustion chamber and an oil passage, but if that were the case the engine would not be running well and it is a rarity for a head gasket to blow in that manner. Usually head gaskets blow between the water jacket and combustion chamber or between an oil passage and the water jacket. I would say $1000 was a good offer to make, especially since he is giving you a new turbo. good luck and let us know how it goes!!

Thread updated with poll.