Imagine: you climb into your vehicle, stick the key into the ignition, turn it, and hear... nothing. Or worse, you're driving in the middle of the highway when you notice a sudden loss of power as everything grinds to a halt. Your engine has officially failed. And the cost of a new one is likely going to be high.

At this point, you'll have a few decisions to make. You'll need to decide whether your automobile is worth keeping or if you should take the opportunity to buy another. If you plan to keep it, you'll need to decide whether the failed engine is worth fixing or if you should have it replaced; the repairs will probably be expensive. If you choose to have it replaced, should you purchase a new, used, or remanufactured assembly? There are pros and cons to each.

Below, we'll assume that buying a new vehicle is out of the question whether due to budget constraints or because you love your car. Instead, we'll explore the choices that remain.

How Much Work Is Involved?

Before making the decision to have your engine repaired or replaced, it's worth knowing what caused it to fail in the first place. Sometimes, the failure is due to simple wear and tear. Fixing it can become costly. For example, if you have placed a lot of miles on your engine, the cylinders will probably need to be bored out and the heads will need to be resurfaced. The camshaft, exhaust valves, and pistons may be shot. You may need to have the oil pump or timing belt replaced. These repairs take time. And since you're paying the mechanic's hourly rate, the job will likely be expensive.

Should You Choose A New Or Remanufactured Unit?

Let's assume that the cost of repairing your engine is higher than you're willing to pay due to the extent of the wear and tear on it. You need a replacement. Don't be tempted to purchase a used assembly unless it has less than 50,000 miles and you can secure a warranty from the junkyard. Otherwise, there's too much risk involved.

Your choices for a replacement are limited to a new or remanufactured model. A new engine is exactly that: brand new. The parts are designed to spec and occasionally come with upgrades (for example, more horsepower). As you can imagine, a new engine is more expensive than its remanufactured counterpart.

Remans are used engines that have been completely taken apart, cleaned, and put back together. A lot of the individual components, such as bearings, gaskets, timing belt, seals, and camshafts are replaced with new parts. They also come with a warranty. And of course, a remanufactured engine is less expensive than a new one.

So, which option should you choose? If funds are tight, a reman is usually a good investment, especially since you're protected by the warranty. On the other hand, the advantage of having all new parts is hard to overlook. If your budget can handle the expense, it can be a great option.