Clay
Reader
4/15/09 6:51 a.m.
Well, one final update. I drained what seems like 7-8 quarts from the engine and did a cheap oil change to see if that would help with the ticking in hopes it was the lifters. Well it was the lifters! Took a little driving, but now it's as quiet as a mouse. I guess the engine had been sitting so long that the HLA's had drained and needed a little time to pump up. So final tally: $1000 for 96 Miata with "engine trouble" + couple hours work + battery charge + $10 oil change = Nice running car.
I'm going to swap over the good bits from my 93 (Koni's, Megasquirt, etc) and use this car as the base for my build. Then I'll probably sell the 93.
I was considering keeping the 96 Challenge legal as I upgrade it in hopes of competing this year, but I'm planning to turbo it and I've already bought several quality parts (SS downpipe, intercooler, cleaned injectors, etc) so I probably won't be able to stay under $2009. We'll see.
It's still got a leaky valve cover gasket, but I'm picking up one of those today.
Not a bad price for a Miata. Now it's time to race it into the ground? 
carzan
New Reader
4/15/09 8:44 a.m.
I would still buy the $280 motor. My motors never blow if I have a spare in the garage. 
I think I need to start keeping my eye out for troubled Miata's. These really are the new LBC's, DPO's included! (No offense to anyone intended).
Clay
Reader
4/15/09 9:30 a.m.
No offense here. Well, maybe if I knew what LBC and DPO stood for, I might be... but I'm pretty happy right now. I'm just trying to figure out how I will spend the extra $400-$500 I would have spent on the new engine (once you include mandatory timing belt, etc.).
All I need is a manifold and clutch and I'm ready for some big power increases! Thanks to everyone for the troubleshooting help.
LBC = Little British Car
as in , MG's Triumph's, Lotii, etc.
DPO == Damn Previous Owner
as in, troubled LBC's often have issues due to the DPO's "repairs", as do troubled Miati.
The Land Rover guys have a term: Stupid Previous Owner Tricks, or SPOTs. They are the sort of thing that GRM people brag about but someone else has to deal with 10 years later 
Nice turnaround. Love stories like this.
