I have an 87 gl wagon no turbo and about two or three weeks ago I notice a considerable loss in power. Now if it runs for more than 10 mins it starts puffing lotts of smoke out of where you pour the oil in and around the dip stick. Nothing comes out of the tail pipe though. Is it time for me to bury my car or is it salvagable?

What does this smoke look like? (colour, thickness, smell)

Sounds like blowby. Likely bad rings. But yes, more info would be a big help.

What does this smoke look like? (colour, thickness, smell)

 

Does it smell like fuel vapor? Or vaporized oil?