"I don't know if they are crap or what" blah blah blah.
Anything mechanical that's not maintained will become "crap" sooner or later. That's one funky attitude you have toward things mechanical. Everything has a reason, no need to use pointless rhetoric like that.
"I don't know what the problem is and I'm thinking of selling it".
DUH, there is probably no single problem, besides the previous owner ripping you out of your money. The oil leak is likely due to plugged crankcase ventilation system -- see the FAQ. It will at least get maintainable when that gets fixed.
If you think it burns oil, please share with the brickboarders what symptoms do you associate with that. Black smoke out of the exhaust pipe? Oil on the back of the exhaust pipe? How would you know otherwise, given that you loose oil via the leaks?
Are you positive it ran on less than 4 cylinders? Why do you think so?
Anyway, the first 2 things you want to do are:
- Replace the crankcase breather insert (flametrap) and clean all associated parts (replace the vacuum hose from the 3-way nipple to the manifold, clean the air/oil separator box); total cost should be about $15 for parts, including a can or two of the carb (or preferably fuel injection) cleaner spray.
- replace the oil and the oil filter, for the oil use (preferably) a 10W30 Mobil One synthetic - buy two gallons at Walmart, it will probably puke one of the gallons out within a month, but it should get quieter (less oil out) within another month or so.
Plan on spending about $100 in parts, assuming you do your labour, every month for the next 24 months. Otherwise sell it, because you won't be able to keep it up and running. Not to mention that probably the front suspension has become unsafe at this age w/o proper maintenance. You won't be able to cheat on that $100 figure, and treat it as a conservative one.
You will need to buy (or find somebody who'll lend them to you) a decent set of sockets (for all drive diameters - 1/4", 3/8" and 1/2") incl. deep drive sockets and 6-point ones. That's about $140 initial investment - a Husky set from Home Depot did the trick for me. You'll need a torque wrench occasionally - rent it at AutoZone. You'll need a u-pull-it type of junkyard to get some parts for swapping (mainly engine sensors, but not only). You'll need a lot of FAQ reading. If you're in Ohio, I'd be happy to lend a hand.
Cheers, Kuba
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