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Okay I'm going to go out on a limb here and be my usual abrasive self.
Piston Slap is the phenomenon of when the piston rattles sideways on the wall of the piston bore. The noise you hear is the piston actually hitting the side of the wall on the piston bore. The sound gets quieter when the block warms up because the clearance between the piston to cylinder is reduced.
Sounds scary right?
I bought a 1991 240 with 214,000 miles on it with a VERY loud piston slap. 288,000 miles later I sold it because I moved to Florida. It's still on the road today in Vermont with over 330K. I wouldn't say it's harmless but dude, it's not worth replacing the engine. It's a common problem in these B230 engines, so you could go through all of the trouble rebuilding it or getting a used engine and it's just going to do it again. No, synthetic or $15 a bottle "premium" oil isn't going to make the sound better, it's metal hitting metal at an extraordinarily hard force. Put 10w 30 in it along with a Fram oil filter when you do the oil change and enjoy driving it.
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