How difficult is it to remove and install the serpentine belt (connects waterpump, alternator, & power steering pump)? Mine went out on me the other day and I don't feel like paying out the ass to have the dealership swap it out.
Not too difficult. I have done my E36, but not an E46 so I can't give you specifics for your car. Check PelicanParts.com for some tips. Here is an article for the E36, they probably have one for the E46 as well. You will need a wrench (ratchet/socket works best) to compress the belt tensioner, probably around 16mm-18mm.
Since the belt is off, it would be a good idea to check the water pump. Try to wobble the fan back and forth. If you feel any amount of slop in the water pump shaft, it should be replaced as it will be failing.
Thanks man, I've called around to a few places for price quotes. Everyone has said that my waterpump is more than likely going to need replacement. I was flyin down the freeway when the belt snapped on me and I managed to overheat the engine before I realized what was going on. It wasn't too bad but when I opened the hood there was coolant all over the place. So something must have blown. I dunno if it was one of the hoses or if it's something more severe than that. Either way I won't know how much I'll be out untill someone can actually get a look at it.
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