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Sounds plausible that if the dipstick housing is broken, has a crack or hole that fluid could come out and drip on the exhaust manifold causing smoke. This works similarly to an oil dipstick, if you check the fluid cold and notice where the oil is on the dipstick then start the vehicle and shut if off and check the fluid again the oil will be higher on the dipstick (pressure).
By bad smell I take it that you are noticing a smell in the car while driving and not from the rear of the car. I'll also assume that the smoke is coming from under the hood and not the tail pipe. Sounds like you have an oil leak around the top of the engine that is dripping onto the exhaust pipe. I recommend that you clean the engine compartment with a good degreaser like Purple Power or Super Clean. Spray the entire engine down, everywhere you can. Let the degreaser sit for 10-15 minutes and rinse off with a strong stream of water. Repeat as necessary until the engine is free of visible grease and oil. Then buy some engine oil UV dye and put that into the engine oil filler. Save some for the power steering pump (about 10th of a bottle is enough). Get some UV Glasses and a light used for detecting air conditioner leaks. Run the car for 15 minutes down the road. Stop and look for the florescent dye trails to find your leak. This is the hardest part of fixing this problem. After the leak is found the repair is usually minor.
the oil could be leaking from valve cover and sitting in a bottom engine cover(plastic covers on bottom of car) and oil trail when move, will leak more when engine hot as oil gets thinner and easier to escape. Would replace gaskep asap or will cover engine in black sticky muck which is not nice to try and clean and engine oil is not the best thing to get off your garage floor.
Oil leaks can be a pain to locate so I will give you a few tricks I've picked up along the way for locating oil leaks. Start by cleaning/degreasing the area. You want to remove as much of the old residue as possible. Then you can do several things from here.
1. Purchase and oil dye additive (this additive makes the oil glow when a black light i shined on it) and run the engine for a little while then re-inspect with black light to find locations where dye is concentrated.
2. After cleaning, spray the are that you suspect the leak is coming from with a spray on type foot powder(powdre sprays on white providing an excellent contrast to trace leak). Run the engine and follow the oil trail to source of leak.
The following steps will stop making damn smokes...
Clean off your engine and engine compartment. Automotive
supply stores sell products you can use to clean out the engine. Follow
the directions, and let your engine dry off.
Jack the car up with the car jack. Make sure you are on a
level surface, and follow the directions for the jack.
Look closely at your oil filter
and the rest of the engine. If you see any drips of oil, try to follow
the trail. Typically this type of leak comes from a missing or loose
gasket. These are easily replaced, and will eliminate the smoking. If
you do not see any oil drips, continue on.
Dust your engine liberally with foot powder. Don't worry,
this will not harm your engine. You are trying to create a path for the
oil to travel, to make it easier for you to find.
Drive your car on a clean, dry street for a mile or two, and
return to your level surface.
Jack your vehicle up again, and look for the trail. If you
see a trail, follow it. Again, this could be due to a seal or tubing,
both of which are fairly simple to replace. Consult an automotive
manual for information on this. If you find what looks like an oil
spray, or severe loss of oil, you have a much larger problem, such as a
manifold or head gasket problem
If you have one of the larger problems regarding an oil leak,
take your vehicle to a trustworthy mechanic. Problems of this nature
can become chronic if they are repaired incorrectly
Clean the present oil off with brake cleaner spray. Then make sure everything is wiped clean. Start it up and while its running check for small cracks where the oil drain plug is located. Sometimes when the oil plug is threaded back in, people torque it down to tight causing the pan to develop hair line fractures in the pan. I'm assuming your talking about the oil pan drain plug? Also look for trails oil oil that may have come from somewhere above and trailed down to the area you are looking at.
Plugs, air filterPCV. Valve, oil oil filter and some CRC electrical cleaner spray to wash off the mass air flow sensor Sensor is delicate so spray clean and air dry only. No compressed air or water. Plug wires if you want ,but not a must if no problems with them.. Happy trails