Sounds like wrist pin noise. Quite common in red turbo motors, because they have more stress put on them. Only way to fix it is a new short block, or overhaul. My car is has the same problem plus the usual piston slap. Wrist pin noise is only a noise, not an omen of impending doom. Most people just live with it. I'm going to be building myself a new motor anyway, for other reasons, but it's nothing more than a noise.

I would guess valves or alternator. Not that there's necessarily anything wrong with either, the valves can make that noise if oil hasn't reached them yet, when you haven't driven in a while or it's very cold (altho it wasn't). I think that's a normal alternator noise too (mine makes it). The alternator ticking isn't nearly as fast as valve ticking should be, so that's how you tell the difference. Try popping the hood and seeing if you can hear where it's coming from.

Richard
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'90 744 tic