Is it better (or cheaper) to get a used transmission or have my transmission rebuilt? Seems to me a used trans might have the same problem. Medi the mechanic said he could replace my transmission with a used one for $500 installed.

On the smoking problem, with bad rings, this sounds like a complete overhaul or replace with a rebuilt. What is this going to cost roughly? I'm beginning to doubt my car, my wife wants me to just go buy a new car. I really like the 123's and 115's, but this car is looking like a money pit. It is getting harder to convince my wife they are great cars!! On the other hand, what else could go wrong after if I rebuild? I've already replaced the driveline and timing chain, that last one may have been for naught in a rebuild case, bummer!