02 boxster out of warranty wont hold coolant and has oil and coolant mixture. apparently mechanic says it smokes now as well. says imm looking at new engine. how is this possible under 50k miles. heard of engines failing commonly. do i have any options other than pickin up bill myself?

 

I've seen engines blow at 7,500 miles and engines go to 250,000 before blowing. Did you buy this car new? do you know if the car was maintained and serviced well, or if it was abused? While there is the very rare engine that just had some flaw from the factory, normally an engine failure before 150,000 miles is due to neglect -- either of required service of some sign of problems like low oil or missing coolant.

A point to consider is that, if you bought this car used, it is very unlikely that the former owner neglected/abused only the engine. I would have a mechanic go over it thoroughly, doing all possible required maintenance but looking for early signs of trouble everywhere.