I am about to purchase a 1978 f-150 xlt from my boss. He used it to move tables and get supplies. It has no rust which is hard to believe in our area. He says it does not run because of something wrong near the bottom of the engine. Would it be better to just fix it when the problem is found or replace the engine. And if I chose the path of replacing the engine what price range? Where to get one? Other things to look for? Thanks.

 

Depends on the problem and what engine it has if I would fix it or not.
There might be a few in here that would argue with me, but if it has a 360 or 390, I would probaly replace it with something a little more modern, like a 302 or 351W.
Just my .02 cents.
But I would really find out what the problem is first.

 

Yup
Problem helps decide. If its a sb id rebuild if the blocks good and needs rods, bearings, rings or so. You could build a pretty potent sb ford for 12-1500 if the cranks good.