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I just purchased a used 1989 F150 - 302, manual trans, 4x4, 127K miles.
I have not owned a Ford truck before, and was wondering if I could get some advice about usual problems to look for in a Ford this age and Mileage. I know that it needs a new clutch, and the steering has quite a bit (maybe 1/8th turn) of play in it. These are the only problems that I know of so far.
Carefully check all of the rubber bushings in the front suspension, especially the radius arms (the arms going from the front axle by the springs back to the frame under the cab). These will wear out over time and can cause all kinds of alignment problems as well as clunks, thumps and other assorted noises. If the steering has play, it could be several things. Get under the front of the truck and have someone turn the steering wheel back and forth. Watch all of the steering components from the wheels back to the steering gear box and see if you can see anything with excessive play. The steering box is a common source of loose steering in these trucks, so pay careful attention to that.
Plus, a careful inspection of all fluids is probably in order. Like most vehicles, it probably still has the original fluids in the front and rear differentials, power steering system, etc...
Good luck with the new truck. Take good care of it and it should last you quite a while. BTW, 127K is great for an '89. I just bought my '95 last July with 109K on the ticker.