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Are you having problems with your 1998 Mitsubishi Magna? Let our team of motoring experts keep you up to date with all of the latest 1998 Mitsubishi Magna issues & faults. We have gathered all of the most frequently asked questions and problems relating to the 1998 Mitsubishi Magna in one spot to help you decide if it's a smart buy.
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It would appear the fluid has been overheated, so I would be doing a full flush of the transmission, not just a fluid change. I wouldn't bother about the coolant.
THE Camry is a good choice. It's a reliable model and won't cost an arm and a leg to run. I would also consider the Nissan Maxima A32, which fits your budget, and don't forget the Mitsubishi Magna. You will get a later-model Magna for the same money.
THE most likely place the leak is coming from is the valve-cover gasket, but having changed that, the next most likely source is the head gasket, as you suggest. It is not unknown for the head gasket to leak at the point where the oil supply for the overhead camshafts passes through the gasket.
IT'S NOT a problem mechanics are familiar with but they say one of the vent hoses on the tank may be blocked, cracked, or even dislodged.