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Way back when... a very good friend's Dad said something like this: "It's not the gas mileage that's important, it's the total operating cost that matters."
He was right. When you factor in all the costs these old Fords are pretty darn economical. There is also a certain "pride factor" in driving a vehicle that you rebuilt from the ground up as opposed to writing a check for.
I personally don't bother with collision insurance because an insurance company will never pay me what my truck's worth and while they gleefully accept my premiums, getting them to pay out is a miserable experience where you literally fight for nickle and dime stuff.