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I'm looking at buying a 2002 Excursion (V10 engine) with 227K miles. I would be using it primarily for long trips a few times a year (less than 10K per year total). It's in very good shape; the asking price has been reduced to $5000 (not sure if they would go lower). Is this way too many miles for this vehicle? I've never purchased a vehicle with so many miles; it makes me really nervous.
Welcome and keep reading on FTE. The V10 was a very good engine on almost everything but fuel economy. The earlier V10s had problems with the spark plugs getting spit out of the head by a design flaw in the head. It was fixed around 2003-2004. So besides basic maintenance the only things that normally need fixing are the COPS.
As for the rest of the truck at 227K mile? How was it maintained is the answer. Normal things should have been done. Ball joints, sway bar links, brakes, alternator, and transmission. Be aware the Excursion is an amazing vehicle, but it came from Ford with some flaws. The major one is the factory springs. Hit springs up on a search here, grab a drink or two, sit down, and read and learn.
You can learn almost everything you need to know to make an Excursion perfect for you on this site from some very wise and helpful members here.
The V10 is great - good power and it's a smooth running engine. Fuel economy sucks but it's a big engine wrapped in a big/heavy wrapper. I get 11 around town and 13-14 on the highway if I keep it 75 or less. At 55 I've gotten 15 - on a school trip so had to follow the activity bus - very painful....
Check the ball joints - if they have been replaced then they will most likely have grease points. Check 4x4 operation and make sure the hubs engage. Make sure you can manually turn the hubs from auto to lock.
At that many miles the weakest thing will be the transmission - could have been rebuilt or replaced at some point already though. Exhaust manifold studs are prone to rusting and breaking off on the modular engines. Sometimes they can be easily removed and other times they break off flush with the head surface and it has to be drilled and tapped to properly repair. Check to see if any are missing before you buy.
The exhaust studs, ball joints, 4x4 operation and all can be negotiating points. Good luck!