I own a 1982 245 Turbo wagon with 207k miles. It runs excellent and is very strong. However:

Since around Christmas, the first time in the morning and after work when I accelerate heavily (freeway onramp), there is black smoke in the exhaust. Second or later times when I accelerate, there does not seem to be any smoke.

I change the oil about every 3000 miles (3-4 times a year) but check the dip stick every week or two. In January the oil on the dip stick appeared soapy, white. I changed the oil, it was quite dark. After one week which included a long drive into the Sierra, the oil looked soapy again.

The car does not seem to loose water nor oil.

Typical driving pattern is twice a day about 10 miles (to and from work), on weekends driving up in the Sierra, about 200 miles one way.

My question: I guess there is a blown gasket somewhere in the motor - head, turbo.. ? Please give me some hints which one it is and what the repair might cost before I have some shop tear appart the motor.

Thanks alot
Hans