Rebuild engine or buy a new one?

[Tatey]

This thought has been running through my head for a while now. To rebuild my 1.8 CVH engine i'd be looking at spending £150-£200 for the following parts:

• Engine degreaser - £5
• Engine paint - £6
• Piston rings - £32.50
• Big end bearings - £17.50
• Head gasket set - £30.50
• Head skim - £20
• Oil - £20
• Spark Plugs - £10
• Thermostat - £5
• Oil filter - £5
• Timing Belt - £10
• Sump Gasket - £8.46
• Core Plug Set - £7.50
• Air Filter
• HT Leads - £12

When i got the engine i was told it was a dud, once i stripped it down i found out it blew its head gasket meaning it needs a skim and the big end bearings are through to the copper. I dont know how many miles the engine has done.

After having a look on ebay i've discovered i can buy a new engine for around £150, which i'll know how many miles its done and if it actually was running before it was taken out. I stumbled across this 1.6 zetec engine:

http://cgi.ebay.co.uk/Ford-Escort-1-... t_1966wt_939

Which was built in 1994 meaning emissions wouldn't be an issue. Although I wouldnt be buying this engine as i dont have the money at the moment, im just using it as an example but Im eventually planning on upgrading to a zetec engine, so thought, why put all of this money into my 1.8 CVH and just go straight for a zetec, i could also sell parts from my CVH to help fund it. I do know i'll need to buy bike carbs and megasquirt/megajolt to get it running, but i was possibly going to be going down this route with my CVH anyway.

What are peoples thoughts on this?