This is gonna be long, so bear with me. I'm in a quandary and need some opinions. I own a 2001 Suburban, 166k, in our family since new. Spectacular condition and insane maintenance over its lifetime. This is the truck you would dream to find on the used market.
KBB shows it as 4100-5300 for private sale (fair to excellent) or 2400-3900 for trade-in value. Not huge, but not throw away.
It has an engine problem (5.3 Vortec) and I can't pinpoint the source. Started as an engine code for misfire on #4, then became a rough idle and kept just throwing P0304. Swapped coil, wire, plug and fuel injector and no change. Compression check showed #4 lower than the rest (110 vs 145 for all others).
My time was limited, so I took it to a pro for another opinion. He did a leakdown which was fine, and found a chafed wire on the coil harness. Replaced the harness and no change.
I then had to take it on a road trip of 300 miles. Started with a rough idle. By the end of the trip I had a loud engine knock, but the rough idle and misfire code vanished. While driving around the city it was loud - like hear it across the parking lot knock-knock-knock. Drove it back home and no change. Still a loud tap at idle that changes with rpm. Not as loud now but there is still no doubt there is a bad sound. Other than the sound, the driveability is perfect at all speeds and conditions. Turn up the radio and you have no idea anything is wrong.
Have a discussion with the pro again. He sethoscopes to confirm it's not a tensioner or something else. Can't pinpoint it but it sounds louder more bottom end than through the top end. He thinks maybe a compression ring scraping. He drops the oil pan - main and rod bearings are fine (look new actually), and there is still crosshatch in all of the cylinders. He said the bottom end looked amazingly clean. This would leave a failing cam? Wrist pin? I'm running out of ideas and things to test. I can't figure out the failure mechanism that went from rough idle to bad noise.
So now my dilemma. I don't have a lot of spare time and work slowly so this would be a lengthy teardown for me. We only drive the truck 5k/year, but it is mainly to support my wife's classic car insurance booths at trade shows and car shows, so it is important that it get us where we need to go on time for those limited miles per year. Our season down here starts in October, so my time to act is short.
I don't want to buy a new one for $70k for as little as we use it. I can afford to spend $15-20k for a newer used one, but spending that much just generally galls me. I struggle with spending a couple grand on engine work (with no clear problem to fix or assurance that this won't be the beginning of a string) based on the value of the vehicle. In a world with unlimited time and without a business need for it, I would just drive it until it tells me what is wrong, probably in spectacular fashion, or do the Copart plunge and buy a cheap destruction title truck and do a basic engine swap and hope for the best.
If I could pinpoint the problem, at least I would have a repair path, but at this point it would be exploratory surgery until I find the problem. Or I just do an engine change, but there are risks and/or $$$ involved there, too. Help me think through this. WWGRMD?