Need new engine! Please advise.

[ShinyBlueBird]

Yesterday I was driving and my oil light came on. My engine didn't sound normal..but there was no knocking or oder..
4 blocks later my car stalled and I couldn't restart it.
The tow guy told me I was out of oil. He put some in, and still nothing.
I got it to a Ford repair shop and I was told that my engine 'locked' and that I
now need a new engine that will cost about $7500.
I am absolutely livid.
My indicators never showed I was low on oil. I've had old clinkers
up until this one and if I was a quart low, the indictor would tell me.
I feel stupid for relieing on these indictors..I thought a new 2003
vehicle would surely let me know there was a problem before I lost an engine.
Isn't there a low oil light that is suppose to come on?
I told the mechanic this, and all he said is that the car wasn't serviced for 2 years..I needed a new carborater, the warrenty covered it. That time I told my mechanic that this will be the last Ford that I'll ever buy, he replied, 'even with an emplyee discount, I would never buy a Ford'.

I had an oil change and bumper work on the car a year ago.

Anyway, he didnt seem to care that I had no forewarning that this was going to happen.


My question is..
please someone help me...
is taking the car to a private shop and having the engine rebuilt possible?
As I know it would be cheaper.

I haven't called around because everyplace is closed.
I live in Los Angeles.

Im so distraught over all this, because I can't afford this, and will have to
borrow from family members.
Please advise asap.

My email addy is outaluck40@aol.com.

Im suppose to give the garage an answer tommorrow.

Thankyou.