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I picked up an old '86 F150 XL 2WD a little while ago. It has the 5.0 fuel-injected engine with 129000 miles. It's a rust bucket, but it runs pretty good. It does have an oil leak, plus a few other minor problems (cheap, can't complain). Think it's worth fixing up?
Anyway, I've done a bit of work on it (battery, brake line, belts, tires), and have been driving it around town. One source of oil appears to be the drain plug gasket(changing this weekend), but I think there may be another leak higher up as well.
They're all worth fixing up. Check out the "My New Mule" thread and click on the links. I think you'll enjoy it and it mirrors what you have in a way. Welcome to the forum.
Thanos, personally I'll take an EFI or diesel rig offroading any day, carbs are just too much of a PITAto deal with when your truck sits at a weird angle. That said, I did have a Holley carb on my old Chev (albeit a weird one) and loved it, can't beat 20mpg on the freeway with the ability to spin the 33s all the way till 3rd gear. Anyhow, whether it's worth fixing really depends a lot on the condition of the entire truck, not just the drivetrain. You said it's a rust bucket - how bad is it? If the cab crossmembers for the cab mounts are about to crumble, you may be in need of a new cab, which is not that big of a deal really, but still it's sort of a pain to deal with... But I'd say if the entire driveline (engine, trans, axles) and the suspension (frame and springs) are in good shape, by all means hunt some good sheetmetal parts down on Craigslist and get medieval with the tools.
The worst rust is above the wheels and just ahead of the rear bumper. There are small spots higher up on the cab behind the doors. Too many Missouri winters without care I suppose. There is also a small area on the bottom of the rear fuel tank. Hopefully I'm catching that one soon enough.
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.