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You can't even buy all the parts for that money. I wonder how they do it?
I'd argue with that. One does not always NEED new pistons. They can be reused and can last perfectly well for a long time. New cylinders are also not required if the old ones are servicable after a simple hone. Rings, bearings, seals, and valve guides are under $500 even at retail. As long as the core engine isn't complete junk, this plus some machine work and assembly labor are all that's required. If you have a good stock of used engines on hand, this is perfectly acceptable, esp. at the quoted price.
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There used to be a guy around here that would take spare used parts he had laying around, maybe polish some journals, throw some new bearings and rings in it, do a valve job maybe, and call it a rebuild. Not that i'm suggesting these guys do that, or anything, but i'd be leary. The guy here stayed in business a long time ripping people off.
What, exactly, is a rebuild, then? I'd bet that 90% of home rebuilds fall into exactly the category you just outlined. No, there are not all new parts, but if the old parts still work, what's the problem? Will you get top power and life out of such an engine? Of course, not. You're not paying top dollar, either.
I know most people would like to have a Jake-class engine, but that isn't always required, nor can everyone afford one. Doing it yourself would save a lot of money (and, in fact, would cost even less than one of these engines), but no everyone has the ability or the time to do so. Having a mid-priced alternative seems like a good thing to me. Thus far, having searched on this subject myself on all of the boards, I generally find little but negative things said about the rebuilders (except Jake). I find it hard to believe that he's the ONLY rebuilder worth giving money to. The bulk of the stories I've read were third hand stories about some guy.
I'm not saying this particular shop is worth dealing with, only that there probably are decent shops out there, but everyone does the usual thing and only focuses on the bad and never remembers the good.