I would go for a new engine IF I could find one well under $2K. You'll be looking at at least that much in the following few years in repairs I fear, unless it's been undergoing major repairs already.
For $4000 I'm sure you could find a better car.
I always buy my cars driven 130.000ml or so already, but I make sure they've been worked over well and have good engines.
For a modern, quality engine, 300.000 miles should not be hard to achieve if taken care of well. I dunno about eastern cars, though, never owned one, never will :-)
My car has over 200.000 miles on the clock and I've never done any repairs to the engine itself...but, since it's over 10 years old, and has practically no resale value, I've decided if and when the engine dies or it needs other repairs nearing 2K mark, I'll scrap it. But, hoping to drive it for at least 2-3 more years.
Dee
"When life's a biatch, be a horny dog"
Amps: Marshall JVM 410H w/ Plexi Cap mod, Choke Mod & Negative Feedback Removal mod, 4x12", Behringer GMX110, Amplitube 3/StealthPedal
Half a dozen custom built/bastardized guitars all with EMG's, mostly 85's, Ibanez Artwood acoustic & Yamaha SGR bass, Epiphone Prophecy SG, Vox Wah, Pitchblack tuner plus assorted pedals, rack gear etc. for home studio use.