My advise....
Let me guess that your machine is a 1986 model, 70 series, in Almond? It was made the 11th week of 1987. It is one of the better 70 series machines too. Chronological age doesn't matter, what's more important is how much the machine has been used. I'm also guessing that since you took the time to write in this forum, that you are satisfied enough with the washer to consider fixing it.
If you're happy with the machine's performance otherwise, I think my thought would be to repair it, especially if you have better ways to spend $400. Here's how I would suggest doing that:
Go to ebay like you did, look for motor 389248. There are a bunch available, from a new one for $80 to some used motors for less than $30. They're heavy so you're going to have some shipping charges to pay. I can recommend Balcum Appliance and Good Appliance - they have given me great service lately as I find bargains on ebay or parts that I can't find anywhere else.
You'll need to correct the bleach hose issue, but the repairman's supposition of what happened sounds plausible.
Most DIY guys can swap this motor. It's insultingly easy as opposed to comparable repairs on other brands and the Whirlpool belt-drive machines made before your washer.
Since your machine is 21 years old and has some miles on it presumably, I would try a used motor for $30 and see if I can get 5 more years out of the washer etc. If you were to buy a new direct drive machine, you'd be buying much the same thing, so if you like what you have, you can save some money. The sellers on ebay, at least those I mentioned and a few others, are very cautious of their reputations, and they select only really nice parts to offer there in the first place, and they stand behind their sales if there is a problem. A good motor, unless bleach poisons it again, should last the rest of the life of the machine.
I say give it a shot! If you're worried about doing the work, there are online repair clinics that can walk you through it.
Gordon
