reassurance

Hi, I need some reassurance - I've just driven home from work, heard a pop and then car started throwing out black smoke, noticeable power drop too. I wasn't thrashing the car (for a change!) when it happened. A nice taxi driver pulled up alongside and shouted exhaust at me so I'm keeping...

Hey guys, Went to look at my second possible cupra yesterday but there was one thing is putting me off. When the owner started the engine there were 3 beeps (similar to low fuel beep!) and a red flashing light on the coolant temperature guage but both went out after 5 secs or so...