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300 sixes are as reliable as they come. I have two of them myself, and both have been very good to me. I wouldn't hesitate for a second to buy another one.
As stated, the 300 is very well known for durability. They aren't fast, but they will work all day long, for many years. EFI added even more life to the engine, since the computer is programmed to maintain a much closer air:fuel ratio than a carb could ever manage to achieve.
If you really want a 300/5 speed combo, go for it. I would advise avoiding the 2.73 rear gear ratio if you are really serious about seldom exceeding 50 MPH. That ratio will allow for great MPG on the highway, but it's so tall that OD is almost useless below 55-60 MPH.
Yeah I am actually very serious about barely going over 50, I have to go about 65 for 2 miles and then its gravel all the way. I have other vehicles, I was just lookin for a work truck and stumbled across this one. (right now I am using a 94 s10 that I got for free((it is wrecked, and didn't run when I got it)) and I would rather have another f150 of about the same year, for the reliability reasons). So now I am just gonna keep beating on this little P.O.S. until I come across something else, or it dies, whichever comes first.
I recently purchased a 1992 F150 4X2 Custom. I has the 4.9L 300 inline 6 cylinder. I brought it home, changed the valve pan cover gasket, push rod gallery gasket, oil pan gasket, plugs, plug wires, oil change, this thing runs smoother than any other vehicle that I have ever driven. I bought it from the original owner who gave me an envelope with ever receipt that had been done to it. It had been kept in the garage from the day it was purchased. Did I forget to mention it only has 99,000 miles on it I love it, interior is perfect.
I recently purchased a 1992 F150 4X2 Custom. I has the 4.9L 300 inline 6 cylinder. I brought it home, changed the valve pan cover gasket, push rod gallery gasket, oil pan gasket, plugs, plug wires, oil change, this thing runs smoother than any other vehicle that I have ever driven. I bought it from the original owner who gave me an envelope with ever receipt that had been done to it. It had been kept in the garage from the day it was purchased. Did I forget to mention it only has 99,000 miles on it I love it, interior is perfect.
This is my daily driver. I have taken it everywhere with no hesitation. runs great, especially after I installed an Offy intake and split manifolds. Super smooth and quiet. I drove it over a thousand miles over a 3 day period with zero issues. I work this truck pretty hard, and it never lets me down.