It could be, but before you leap to this conclusion check carefully and be methodical about reaching a diagnosis
It is possible on a car of this age that you could have 2 problems: 1. Could be mayo under the oil cap due to cool running in cold weather 2. could be corrosion in the coolant 'cos it's never had a coolant change
Have a garage dip the coolant to check for combustion product as a first step and carry out a compression test.
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