Engine Blew up in my 1997 Chevrolet Malibu is it worth replacing?

[1hotkrn]

I was driving and car started to shake and oil light came on, you could then hear the engine knocking and pinging like no other! My mechanic told me that the oil pump went out and the engine is probably shot, thus I thought so because I do have a little automotive knowledge. The car has a 103,000 miles on it. Is it worth me throwing in a new engine or take my risk on buying another used car in the 5k-7k price range?

Thanks for the input!
By new engine I mean a used chevy 3.1 motor!

 

[Moe Fugger]

" Throwing a new engine in would be in that price range 5-7 grand installed*

Then dont ask how much for a new engine, you are reported.

 

[larribee]

If the car is in good shape-good body,tires,transmission, etc- fix it.
They say the cheapest car to drive is the one you already own. You may get your old engine rebuilt for less than 5k.