My real question here is, "Is it worth fixing?"

1) This car revs to 3000 RPM trying to get to 40.
2) Acceleration is extremely sluggish.
3) I decided to drive it around for about 20 minutes or so to give the engine a chance to really kick in and it's performance did not change.
4) When I finally got it up to 55mph it's RPM was a little over 5000 RPM.
5) I have to drive this thing an hour each way at that speed (65mph in some places) and I could see that the engine began to smoke a little
6) When accelerating it almost feels like I had the car in Neutral and was pressing the accelerator. Lots of revolutions and not a lot of movement.

You thoughts?

I'm willing to spend on repairs since I got the car for a very very low price (about $800) ... however, if I have to spend too much (e.g. $1000) ... I'll just sell it to the highest bidder, accept my losses and move on.

 

id sell it it sounds like a tranny and engine problem you can get crate motor's for about $1300 and they come with everything including the tranny if you think its worth fixing i can give you the web site.