Maybe too late to the party here, but no one mentioned warranties - if you install the new product over the existing engineered floor, you will void your manufacturers warranty. Even if the new wood is noticeably defective after installation, the manufacturer rep will wash their hands of the concern since you did not follow the correct installation instructions. Your contractor would be smart to make you sign a waiver absolving them of liability as well - I know I've been asked many times to install over some existing product and my answer is always the same, 'not without a waiver'. Like Pete said, do you really want to take a chance? If you do the job right, you're out a couple grand, but if you take a shortcut, it might end up costing you the full thing to have it replaced properly - and the second time around, you'll not be looking to cut corners will you?
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