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Well I was shopping for my next truck to day and found a 1996 f150 4x4 302 auto with 50k on it. Clear carfax 1 owner. The only problem is after about a 20 min. drive the check engine light came on. I know this is a vague question but what is the most expensive thing this could mean? Before I buy this truck I would like to know the worst before I start negotiating. Also the radius arm bushing is shot and moves when I bounce the truck. Is this a hard fix?
As I found out after I bought my 96 F150 OBDII is quite picky, more then likely it'll be something little like a O2 sensor.
If you can test drive the truck over to pretty much any auto parts store and they'll test it for ya, like Moore said. Once you find out what code it is you can clear it by disconnecting the positive battery cable for a minute or so. If you choose to clear the code then drive it around for a little longer and see if the light comes back on.
Mine likes to throw random codes from time to time. I ended up buying a cheapo OBDII scanner so I could test it myself. I have replaced a few sensors but for the most part I clear the code and it doesn't come back.
In eight years, I've spent 100 bucks on sensors in my 96 F150 302 4X4. That translates to $12.50 per year. I spend about 30 bucks per year average on just TPS sensors in my wife's POS Durango.
As to what the worst case scenario for price of the check engine light, I would guess the ECM would be the worst, but it probably wouldn't run if the ECM were fried. Beyond that, I'd guess Mass Air or EGR. After those, I can't think of anything too expensive, really.
Radius arm bushings: Very easy to change the second time. A pain in the butt the first time. The rear bracket is riveted on from the factory, and you have to drill/grind/torch off the rivets to remove it the first time. Not terribly complicated or difficult, but a PITA, nonetheless. When you put the bracket back on, use grade 8 bolts, and the next time, the bushings will be fairly easy.