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From my knowledge the same as the 87-96 trucks reliable durable and some can go for a long time with the proper mainteince also the good looks sounds like a good price i dont know what i do cause i love the older ones just as much except for the rusting part
The only "weakness" on that 2001 is probably the COPs. They now put each coil right on top of the spark plug. The heat and vibration tend to cause early failure. But if you have an OBD2 scan tool (they're getting pretty inexpensive), you can pinpoint the particular coil and replace it when that happens. I think Ford has improved the new Motorcraft coils, so I would recommend you stay with them when replacing.
$7K sounds like a steal for an '01, I'd guess my '97 would sell for almost that at a dealer and its pretty much the same truck (Mines an XLT though) it sounds like. Does it have any of the XLT options like Cruise or PL/PW? What are the miles on it?
I've always wanted a stripped own Reg. cab 2wd SWB with a 5.4L to mod out, but they are hard as hell to find.
I can tell you ... they have a tendency to spit spark plugs, were prone to body cracks(door pillars or the doors themselves, i forget), early '01s Ford put the wrong radiator in, the rear end will have a whine/howl(normal?), COP problems(passenger side rear usually). There are threads here to explain in more detail. Be aware going in is all.
I 've only had a trans. problem that the dealer showed me Ford's note that it is cnsidered "normal" and has admonished dealers "do not attempt repair" (as a mechanic, i know its broke).
Mine had a spark plug blow out. Fortunately, someone loved our trucks enough to make a kit to repair it, no head removal needed. I always think about all the stupid things that happen with other makes, and think about those are never a problem with our trucks. Could be worse.