Problems with my VR4

First off, I don't know much more than the basic care when it comes to motor vehicles.
I'm in cali so I need a smog to register my vehicle. I failed my smog and so I took it to a mits dealer to see what's up. They just recently told me that I have a valve problem that's going to cost me $4870 to fix between parts and labor. I was wondering if anyone can give me any insight on a how I should go about fixing my VR4.
More information for the reader: My coolant light goes on and off regularly, but I keep the coolant level in check though it seems to be slowly leeking somehow. The car smokes a lil and when I was talking with my friend about it he explained it could possibly have something to do with the heads.
Any info is greatly appreciated and if you could, dumb it down as much as possible.
Thanx

Almost $5k?!?!?! Hell, you could throw in a low mileage new motor for that much with cash to spare. I would take it to a reputable mechanic and have them take a look at it.

you can ship it back and forth to us here in PA, pay us to fix it, and it would STILL be cheaper than that!! DAMN!

If you can post a little more information about what is wrong, what you were told, what happened, etc, maybe we can help you save a few thousand dollars.

does it smoke from then engine or the exaust??? the dealer pulling ur chain man, never go to a dealer unless its under warranty. IF it is ur valves then ur gonna have to take both heads off and send them to a good machine shop to getem resurfaced and put new valves and prolly guides and seals in. i suggest taking it to a mechaic u trust, and there r plenty in cali. the little rinky dink shop r often the best and they know what they r doing. labor is expensive for a valve job tho, just the macine shop alone ur looking at close to 500. valves, 300ish. head gasket set, 400. plus new oil coolant etc. PLUS labor wich varies. give us more info on what ur car is actually doing because it might just be the VALVE SEALS and that doesnt require the heads to be taken off and is much...MUCH more cheaper.
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