Mitsubishi Repair: 94 Mitsubishi Eclipse - Engine Pinging Noise, mitsubishi eclipse, rear seal

Question
Hello,

I have a '94 Mitsubishi Eclipse, automatic, non-turbo, 126,000 miles, one owner. About 2-3 months ago, I noticed a few things happening all around the same time.
-The 'pinging' noise has become much louder than normal. It always had a 'low' pinging sound.

-The power performance was different, having to really step on the gas more to get up to say 60MPH. I don't push it past 65-70 MPH any longer.

-A oil leak. The leak is toward the center of the engine off to the passenger side.
Its not under the driver side. One thing to note, about 4-5 years ago I had an oil leak and fixed it and have not had any issues until now.
I dont recall where the oil leak was but I believe they replaced the seals.

I took it to two mechanics..
-one said the noise is from the valve and it needs to be replaced.
-Another one said to do a engine flush (to start) and it could also be a starter/timer belt.
He did state the engine appeared to be in good shape and well maintained (which I have basically have up to this point).

Basically, I want to get through winter and trade it in next spring. I dont want to have any work on it except the normal oil changes. Basically, I am just trying to figure out if it make it to spring.

What do you think?
Any feedback would be appreciated...thanks!

Answer
Tonia,
My initial thoughts are that you have 2 possible labor-intensive repairs.  First, you should have your timing belt replaced.  Your timing is probably off due to a stretched timing belt, worn auto tensioner, and/or worn balance belt.  Any of those items can cause your timing to be thrown off, which can cause the pinging noise.  You might be able to make it through the winter, but I would not risk it if I were you.  Because if your timng belt snaps, you'll ruin your engine and you won't be able to sell it for even the price it would cost you to get the timing belt and components replaced.

The oil leak sounds like it's the rear seal.  This is the seal between your transmission and your engine, and it is on the passanger side.  If you notice the oil leak is coming from the bottom of the engine, it's most likely the rear seal.  If it's coming from higher in the engine, it could be from the valve cover gasket or possibly the head gasket.  But also have your mechanic inspect the oil pan and see if any oil is leaking around it.  I would not recommend an engine flush because on an engine with that many miles, it can cause your oil leak to get worse.  But if it's a slow leak (less than a quart of oil per 1000 miles), you should be safe throughout the winter.
Good luck!