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I have an old, tired 300cid I-6 that is burning oil badly and only has about 95psi compression. The thing is, the truck isn't worth popping a $2000 engine in it (cost/benefit analysis). However, I don't want to s-can the truck, it's just too functional.
Question: Ideally this truck would receive a nice fresh rebuild, but it ain't gonna happen. That said, how feasible is it to rebuild the head and re-ring the engine with the motor still in the truck (drop oil pan, undo rods, re-ring pistons, install new journal bearrings, cleanup oil pump, etc.) ? How do-able is this? And will this operation be worth the time (think cost/benefit)?
I'd say its possible just as long as the cylinders aren't scored and don't have a ridge. A little ridge is okay. Make sure you hone the cyls the make a crosshatch pattern and CLEAN the mess out of the clys and crank when you are done. You don't want ANY metal particlse on the rod journals. I would replace the oil pump and the main bearings also. You can take one main cap off at the time and use a flexible piece of plastic to drive out the upper bearing. Also make sure the cam lobes aren't worn or you will be wasting your time. You can pull the radiator and grille to replace the cam if needed. Just make sure everything is clean, you hone the cyls, and lube everything and you should have good results. Good luck.
And by the time you do all that you could have pulled the engine out and done it right. An engine rebuild is one of those things that's worth doing right if you're going to do it all I think. You start trying to cut corners and you'll end up worse off than you were to start with. Just my two cents worth having rebuilt a few myself.
I've passed up 2-3 I-6s (88-92) that were for sale in the $600-800 range. Best buys come from individuals selling them and not the junkyards.
My 2 cents on the cost analysis benefit, the old trucks aren't worth much. My 88 is blue booked for a private sell at $1645. So it'll total out quickly if wrecked or a major breakdown occurs. But a replacement truck will cost me a minimum of $12-15K (because I bought my truck when it was 2 years old and that's the age I'll look for in a replacement). So, an investment of even $2k in my truck will save me from spending $12-15k. Depreciation alone on a newer vehicle will be $1000 or more per year. So my advice, if it's meeting your needs and means you don't have to buy a newer truck, its worth every penny of the investment. My truck is looking a little rough and my wife daughter slander it on every chance and the 0% interest rates on new trucks looks good right now, but every month I use it, its money in the bank! I wouldn't hesitate spending $1500 for a new motor.
I second the point Stephens made. You can have them rebuilt inexpensively, the tough part is saying no to all the performance mods that can be done while you're at it. A 1,200 rebuild can easily become a 2,500+ rebuild. I'd recommend finding one for cheap at a junkyard and taking your time / money to rebuild one completely. Not to say you can't re-ring it, but why not go the extra mile and freshen it up for another twenty years?
I found a 90 I-6 last night for $125 the 5 speed trans is $250. He also has a bed and some body parts for different year F150 (all the older style). Its in one of those penney shopper type newspapers and supposedly runs (?? who knows). That's in Lake City Fl. So look around there's some good deals to be had.