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Take a look at the link below. There is lots of good info to tell you if it's worth buying or not. As Trey said, if it has been taken care of, mileage isn't a huge concern.
As for mileage on the 7.3 engine, my son purchased his '02 F250 two years ago with 254,000 on it. Since then, he has had to replace the front 4WD hubs, tie-rods, rebuilt the oil cooler, replaced orings in the HPOP and fuel bowl housing, replaced a short fuel line, and just recently replaced his fuel pump. These are pretty normal wear items for the mileage he has, and he's currently at a little over 313,000. The engine is running good.
Included in his maintenance efforts was a necessary rebuild on his tranny, but I don;t consider that to be normal because he has the truck chipped and often would run it like he stole it. Granted, the tranny was beginning to slip a little when he got it, but he drove it to its death earlier than necessary.
I also have two other 7.3's. My '02 F250 2WD which was purchased over 7 years ago with 114K on it, and it now has a tad over 250K and is running beautifully. Granted, I have a little discretionary income and have replaced things on a proactive basis, but my tranny is still running strong and solid. My '03 Excursion was purchased about 3 years ago with 135,000 miles on it and it now has 175,000 miles on it. I've only needed to replace the alternator, batteries, and shocks on the Excursion, but the oil cooler orings are pretty tired and are ready to be replaced.
I have 2 7.3l vehicles, a 2000 F350 drw I bought new and a 2002 ex I bought with 100k miles. Both are around 160k. The only mechanical issues I have had with the 2000 was a uvch and a transmission input shaft. It seems that a drw flatbed heavily loaded ( over 2 tons commonly)with a DP Tuner F6 spinning on gravel will waste a 4r100 input spline eventually.....
an excursion I doubt you could get enough weight in it to do any real damage to the drivetrain but if its been heavily pulled you may have tranny mods in your future. My ex I did the brakes on and tires.... batteries, and looks like a starter at 160 some thousand miles.
Most that have purchased an Excursion with the 7.3L will be in the mentality that:
1. If it was cared for and maintained halfway decent over the years the mileage did not matter. The 7.3L is getting harder & harder to find.
2. If the body is in good shape - you can work on the rest.
3. The suspension on most with over 200,000 miles is probably in need of some attention and would definitely benefit from some new shocks, etc...
4. crawl around it with a good flashlight & the checklist HKusp provided the link to & post up any questions you have.
I bought my 2000 Excursion @ 3 years ago with 181,000 miles on it for around $11,500 after waiting @ 4 years to find one. I've replaced the same items that Pete (F250_) mentioned above plus the transmission.
Unfortunately I have a bad case of the mod/upgrade bug and I keep throwing $ at it like there is no tomorrow!!!!!!!!!!!!!!! But it's all fun, after all it is the King of SUV's right?