RAV4 no compression in piston 3 ???

Hello my 2006 4 cylinder RAV4 sport lost power on the freeway and wouldn’t go over 20mph, towed it to the shop and he said it’s got no compression in cylinder 3 and is saying it may need a new engine. I’m wondering if anyone has had this happen to them and did you really need a new engine? Can’t he just replace that one piston ?
It also runs hot an burns oil and makes a preignition pinging noise like many of these RAV4 do
Any info is much appreciated I’m super worried I’m gonna have no car , the mechanic is going to take it apart and find it out this week hopefully

 

If you have lost a piston then more than likely you need a new engine. If you have done any scoring to the cyl wall it’s junk. The cyl cannot be honed, cannot be bored. If it’s run hot then good chance you will have a cyl head issue also.
We have found with these engines if you have a catastrophic failure like this, by the time you get it apart and look we find it’s better to replace the engine with a used one. The choice is up to you but I would be trying to bore scope that cyl and if they see something with the piston or wall replace it.