Hi. I'm a recently-graduated college kid, and I just saved up the cash to purchase my great-grandmother's old '84 LeBaron. (It might be an '83, I can't recall at the moment, but I'm pretty sure it's an '84.) It only had 46,000 miles on it, and seemed to be in pretty good shape. It had been sitting mostly unused for three years or so, so I went into the purchase expecting to spend a lot more to replace everything that might have gone bad from lack of use. Long story short, my mom and I put $1900 dollars into replacing the radiator, all the belts and hoses, two axles, and two tires, as well as patching some leaks and whatnot - and everything seemed to be in working order. So I took it to work for the first time, only for it to completely die on me, stranding me on the side of the freeway. We took it to our mechanic, and he said that it had blown a cylinder or something along those lines, and was in need of a whole new motor. He priced it at $4000 for his shop to do it - a sum of money I neither have nor would be willing to spend on a car that cost only $2500 - but I could also get ahold of a new motor and do the work myself, as I have a good buddy with the tools and know-how to help me pull that off. Looking online, it seems like a new motor could run me around $1200, which would be doable for me, but might take a while to save up.
So my question is, is it worth it? I feel pretty attached to this LeBaron - the interior is in really good shape, we already sunk a bunch of money into it for new parts, and I was really excited for it to be my first car. That said, even $1200 is a lot of cash for me right now, and it might be smarter to just get rid of the thing and get whatever I can for it. What does the K-Car community advise?