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Ya know, guys--the2ndr has a point, you need to consider the condition the motor is in even if it's high miles. But let's get real. No matter what the maintenance history, an engine with 250k miles on it is getting towards the end of its life expectancy. Heck, even the world record 4-million mile Mercedes Benz 240d got a rebuilt engine every 364k miles (11 times). Crank bearings and piston rings will only last so long, and their lifespan is shortened if you drive hard or if you go too long between oil changes.
The bottom line is, if your oil pressure goes too low from worn out main bearings, or suddenly goes high (spun bearing), or if your rings go--then your engine needs to come out. Whether to rebuild or replace is a question of time, money, and skill, assuming the old engine is in good enough condition to rebuild in the first place. A used running engine is usually cheaper than a proper rebuild, and a rebuild is usually cheaper than a brand new engine. Of course, if you're looking for maximum performance, you'll want to build an engine, starting with a block that's in near perfect condition--which means if it's used, it's been magnafluxed.
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