I test drove a '01 w only 70k miles today. 5.4L
The low oil pressure sensor came on twice when first starting out; at the same time the needle dropped all the way to zero. Then it quit doing it for the rest of the 15 minute test drive.
Since the needle dropped all the way to zero so suddenly, it would seem to me to probably be a bad (dirty) sensor or loose cable rather than the engine truly losing oil pressure. Would you draw the same conclusion?

The truck ran fine though. I took it on the interstate, floored it etc, no problems.

Probably unrelated but maybe not: the LED odometer blanked out twice (but not at the same time as the oil pressure dummy light coming on).
It came back on and stayed on after the two instances.

Otherwise the truck was great.

The dealership will give it a look themselves but should i avoid at all costs or use this to drive the price way down?

 

I wouldn't take the chance on something so old especially with that engine, top that off with electrical gremlins and you have a fine example of a break down waiting to happen. Unless of course you get it dirt cheap and can afford to throw a few thousand into it.
.

 

Forget it an get a 2011+

 

It's quite clean and only paid $5800 plus it came with a few extras - it was a great model year as far as i'm concerned.
I'll replace the sending unit and take a solder to it eventually to fix the odometer issue.
Runs like a champ on a 80 mile trip today.
Got it from a Ford dealer in town who never puts any junk on their lot, they send it all straight to the auction; so there's that.

thanks

 

Why did you bother wasting every ones time asking for advice when you knew you were going to buy it any way? All I can say is good luck, you're going to need it.
.

 

Don't be a smart ****. Wasting your time? Buddy if you're on the clock here then next time don't take a full day to reply - when i need answers i need them NOW. Where's your manager?
You guys act like there shouldn't be a market for older trucks. Not everyone's budget is the same.