Am I About to Make a Huge Mistake?

I went out to check out a 1985 F-150 that’s being sold at a price that made me think it didn’t run. It does! It runs rough, but these engines are supposed to be nigh-unkillable so it seems like a good place to start from, given that things like gasket replacement are something I want an excuse to do anyways. I’m thinking about offering $600 (price is $700 OBO), but I wanted y’all’s opinion before I do.

Illustration for article titled Am I About to Make a Huge Mistake?

So, the bad parts:

  • Current owner bought it a couple months ago, put a good amount of work and parts into it, and is now unloading it for a fairly low price.
  • The oil has not been changed in a while and is dark, gritty, cloudy.
  • The owner started it up for me and let it run for a few minutes. It idles roughly, and after it was shut off, some kind of pale smoke came out of the carb and the oil filler cap. Blowby around the piston rings?
  • There’s some amount of liquid seeping out on the underside of the trans and the differentials. Not enough to drip, but enough to leave a sheen.

Here’s some pics of the engine bay & underneath:


So, what do y’all think? Am I about to do something really dumb?

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