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Rod Knock 700

1990 740GLE, 16 valve engine, about 180,000 miles.
Check engine light has been coming on lately. Take it to the dealer, and they clean the knock sensor: about $74. They also suggest as a possibility replacing couple of parts---one was the throttle position switch, and one might be the knock sensor---for a total of $515. They also tell us that the car has rod knock and will eventually need a new engine.
I guess I'm wondering what the smart play is here. Is it worth replacing anything like the throttle sensor? Are there places I can take the car to have the engine rebuilt? Should I just be looking to get rid of it?






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