I have a late 70's or early 80's model aq120b. The engine is ceased up from water getting in the carb. Oil was drained head was cleaned out, but the piston rings are ceased in the block. I need to know with little to no experience on the volvo motor, I want to know if it would be cheeper to rebuild it or replace with a new one.

 

you would have to hone out the cyl walls and put in over sized pistons and everything... prolly cheeper with a new one