Well, here's a bit more background:
THE CAR:
I bought the car used for $3000 about 6 months ago. It is for my son for use as a daily driver commuting to a local college. I expected it to last at least 5-7 years till he can afford his own.
Overall it was in very good condition. The leather interior was spotless and almost new. The body was in good shape with no rust and some minor body damage that was not very noticeable. The trans shifted great and the motor ran strong with zero oil consumption over a 3,200 mile OCI.
I put around $1,500 into it for new parts and tools--water pump, belts, plugs, plug wires, belts, trans flushes, gaskets, seals, timing belt, tensioner pulley, idler pulley, hoses, new coolant, PCV, etc. Essentially, every wear item that I could get to and looked like it might be nearing the end of its service life. My goal was to have it run for another 100k miles with just normal maintenance.
REPLACING THE TIMING BELT:
I personally replaced the timing belt and am willing to concede that I screwed up. I just can't figure out what went wrong. I used a Gates timing belt kit. This included a new tensioner and idler pulley. I purchased the special tools to to adjust the tension per specs.
I verified the alignment marks on the camshaft and crankshaft pulleys were dead-on. However, I adjusted the tensioner without an inch-pound bar-type torque wrench. Instead I adjusted the tension to the point that the holding pin on the hydraulic tensioner could be easily retracted--that was a verification step described in the Chrysler service manual. I verified the belt tension on the slack side--coming down from the rear camshaft pulley into the tensioner pulley--was no more then 1/4-3/8 inch of deflection. Rotated the engine with the starter for a few seconds and then reverified the alignments. All were dead-on.
THE INCIDENT:
My son told me he was starting off from a light and was probably rev'ing the engine to around 3,500 rpm. He heard a strange sound and the engine died. He had no power boost on the brakes. He tried cranking the engine, but it wouldn't turnover. I called AAA and had the car towed to my house.
I pulled the timing belt covers and observed that the rear camshaft sprocket was now 3 teeth/notches retarded. The front sprocket was dead-on. The slack-side of the belt now had close to 1/2 inch of deflection, but still seemed very tight.
It's clear something slipped. But, I can't tell if the belt jumped 1 notch or 2 once the contact happened, or earlier. I did get 2 consecutive P1072 (overly rich) CELs--2 weeks apart. According to the service manual the primary suspect was a faulty O2 sensor and secondary was valve timing. I replaced the O2 sensor on the hope it was the cause and decided not to check the valve timing cause it's a real PITA to do on this engine (at least 3-4 hours of work. In retrospect, a poor choice on my part.
NEXT STEPS:
After seeing everybody's response I'm considering replacing the motor with a used motor from a
www.car-part.com junkyard. It looks like I can get a decent motor around $800-$1200 with relatively low mileage. I would do the work myself in my driveway. So I'll need to add money for tools (rental & purchase) and figure out how to drop an engine from the bottom--thinking about a lift dropping onto a dolly, jack up the car real high and slide it out. Total cost might be in the $1,000 to $1,500 range.
That would provide my son a working car for at least another few years. May be till he's out of college and can afford something else.
OR, I just junk it and try for another $3,000 dollar car. Money is tight so $1000 looks a lot better than $3000, but my wife is unconvinced of my mechanical abilities and she's lobbying for the replacement car. She always helps my ego out when I need it most, LOL...