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I'm looking at buying a car and the guy has said theres slight piston slap for 2-3 seconds on cold start. The engine had a full rebuild at scoobyclinic 15k ago.
As in post #2, piston slap normally continues until up to operating temp and not just for a couple of seconds on cold start.
If its a 2.5 engine, then might be a fractured oil pick up pipe and the noise is from the big end bearings until the oil pressure has built up.