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I am in nearly in the same boat as you. I have a 5.4 that is operating less than admirably that i am basically just dealing with until i have the money together for the swap. The reason i am not going to just sell the truck and get a new one is simple, this will actually be cheaper! This is only because I already own my truck outright, and paid so little for it to begin with that it would be a shame to sell it only to be left with a 14 - 18 thousand dollar note at the bank. Keep in mind that i am a poor 22 year old college kid and have to do this on the cheap and the labor myself. Through a bunch of "buddy" deals, i have priced mine out as such:
Running motor (high mileage, for rebuild) :.....$1000
Programmer / chip :....................................$300
Parts for rebuild (all performance, all used) :....$800
Conversion kit from destroked.com :.............$1420
Materials for mounts, batt box, etc :...............$85
Fuel tank purge and refit:.............................$175
Mechanic help :..........................................$800
Overages (always happens) :........................$500
Total (before running into problems)..............$5080
This estimate is with the understanding that i will be doing nearly all of the work myself over a period of several weeks in my spare time. Luckily enough, i have a friend who has done two of these conversions (one with a 12 valve and one with a 24) who works at a diesel shop. He has been a lot of help in all of this and has actually already been planning it in his head HAHA. What it boils down to IMO is two things: 1.) Patience for miles as you wait to find all the deals and then to sit there and look at them until you have everything and are ready. 2.) you must be willing to get dirty if you don't want to pay the 10k to have someone else do it.
I have a couple things going for me that would put this build out of reach for me otherwise:
I have mechanical experience, although admittedly i am limited in diesel knowledge. I am good friends with a guy who has done this before and is an expert on Cummins motors. He doesn't work for free, but is cutting me the deal of the century at 15 an hour. Through lots of networking and haggling, i have been able to arrange for CHEAP parts. I have another vehicle to use while i am doing this.
This is just my approach and i am not even sure if it will go this well, but i have high hopes. In all honesty i wouldn't even be considering it if it weren't for my desire to have a reliable towing rig that has a lotta bit of "cool" to it. I hope this helps you ball park your stuff and if I manage to do this i will post a complete walk through and break down on costs, parts, and time.
Best wishes Jacob, please do post back about your experiences! I want to do a 12v conversion on mine. Don't think it's in the works this year, but will probably do it in 2010. Fortunate for me, Destroked is just down the road.
Ya thats the ballpark figures I have worked out as well. I have diesel knowledge as I farm and went through school as a heavy equip tech and will do all the work myself. And my truck too is worthless to sell as it is an 06 reg cab xl 4x4. Bought it at 40,000 miles and paid $6000 Canadian for it. I will keep this truck for many years and hope to have the cummins one day.
One question, I was told from fordcummins that I need a gas job pedal as it is a linkage, yet my gas job pedal, under hood, seems to be electric not mechanical. Did I just not hear him correctly? or are older 5.4 trucks throttle bodies run by a cable?
I would but dodge has yet to make a nice truck in my opinion, and since these bailouts, I refuse to support dodge and gm. Since I wont be bailed out if my farm goes under, why support someone that has it that easy? Besides, love my fords and the swap seems relatively easy. Like 35 years ago when someone had a 302 mustang and had a 390 in it 6 months later. Its just a motor swap, just reflecting the inflation of todays modern costs