Jimboy

855ferry,

I am assuming your are in the salt belt. If the frame needs replacing so will the body panels need it shortly.

Sell it as-is.

Check out listings on Craigslist for a city in the south that you would love to visit. Pick out an equivalent 2002 (or other) and call the sellers and ask "Is there any, I mean any rust?" There are hundreds of basically rust free 2002 F150s down south.
I moved from Detroit to southern Mississippi about 4 years ago and thought I had gone to heaven. There are nuts and bolts on trucks and cars down here that will actually turn.
I had a 1972 F-250 4x4 that I kept for 43 years. The frame rusted through as did everything else and I finally drove it to scrap yard. I miss that truck but it was a goner.

BareBonesXL

Kind of funny how so many people will just ignore the facts of what you've done already, and stated very clearly, so that they can try to make a point that you are making a mistake.

I will extract what you have said and try to highlight it so that people can see it. Maybe it will sink in. Good luck. Interested in what the final cost ends up being and what your mechanic finds as he gets the work done.

• Cab has been checked out and is in good shape he would not take on the work

855ferry

I will certainly post back on this thread once the work is complete! I will be candid and honest about what was found, how much over the $3K quote/budget this goes over/under and if going thru this trouble was worth it... As most of you folks on this forum know, you tend to get attached to your truck and want to keep it alive for as long as you can. (of course until it really makes no sense ) Look for my post from 855ferry sometime in November! Cheers

marshallr

That's a pretty big risk. Conventional wisdom says any repair costing near 1/2 the vehicles value and it is better to scrap it. Certainly never spend over 50% of the actual value on a repair. Unless you're prepared to do a full restoration and make it better than new. Which I might do to restore grandpa's old truck.

Spending $4500 now doesn't change what the truck is worth to the insurance company. If someone hits him and totals the truck a week after he pays for the new frame the insurance company will pay the same with or without the new frame. It will be money lost. And with a 20 year old truck you could end up with a money pit replacing other parts.

I prefer to keep one until it is 10 years old and sell it for 1/2 or more of the original price paid. That way I have a substantial down payment on the next one which gives me a small, short term loan and it would be extremely rare to pay for a major repair.

It works out about the same long term buying new, or slightly used. New costs a little more, but I get to drive it longer. With interest rates under 2% it is a lot cheaper to pay the bank than a mechanic. The OP will spend almost 3X as much on this repair as I paid in interest over the life of my last truck loan. And this assumes the $4500 quote holds and he doesn't have to replace the engine or transmission.

In contrast I have a buddy who kept his last truck 23 years. Bought new he paid $26,000 in 1997 he traded for a 2020 and paid $60,000. He sold his old truck for about $4000. But...he also replaced the transmission and engine in those 23 years as well as other costly repairs. Doing the math he would have been better off to have traded the 1997 in 2007 and then traded the 2007 for a new 2017 and skipped the expensive repairs.

BareBonesXL

If he pays $7000 for an equivalent truck, he's in the same boat. It's just simple accounting. If the estimates are correct, he's actually money ahead, he'll have a $6,350 ($7000-$650 scrap price) truck for $4550 out-of-pocket. Your insurance argument is really about whether he, or anybody, should be paying collision on an old truck. That's a separate discussion.

The main point people seem to be trying to make is that there is no way the frame can be rusted out but the cab and bed not. People aren't believing what he says. It's so outrageous it's incomprehensible. How can that be?!

855ferry

My response ...
As stated, the truck in its current condition is worth $650 as scrap (real scrapyard offer) The wheels and newer tires alone are worth nearly that amount.
Its got 135K miles on it. Leather, sunroof, crewcab , 5.5 ft bed, 4x4 and a new starter and new A/C. No VISIBLE body rust.
The engine runs just fine. I have owned it since 2009 -Yes, the frame rusted out and cracked while on a lift at the shop...
If possible, I will take/post a pic of the cab once it is off the old frame so the last one who posted saying there is no way thats not a gonner as well will see,,,with me, if he is right. Maybe he is., My mechanic indicates he thinks it is worth it...
I can not sell it as is... so... for $4500 if I get at least another year maybe 2 out of it, then maybe sell it as a working truck for around, $2k,
(Have you seen the costs of used cars these days?!) I think it is a risk worth taking.
Yes there is some emotion and .. where do I get the money for a fairly new truck in the $25/$30K range issue right before the holidays l?
Even if I could find a used car loan at 2% - will that same $4 or 5K to get this free and clear get me in the door to buy (vs lease?) something similar?
Then the PAYMENTS begin -- on a truck I use to go to the dump and drive only locally for fun...having 2 other cars to use for real travel.

As I said in last post, will keep this thread alive with the final results for this experiment as I complete the process.

Thanks you all for the input... really,

2014fiveoh

Sounds like you’ve thought this through. Do what’s right for you and your family. Used car/truck prices are INSANE. New prices are as well.

JS2003

I'm interested to hear how this works out. If it weren't for your attachment to the truck (which I get) and the crazy used truck market, I don't think I'd even consider the replacement. But I can see why you're going that route.

Rabid Red

I'd sure like to see a few pic's of your 2002 Lariat, it must hold a special place in your heart.

maco

Sounds to me you have done your math....I say if you think you can get 2 plus years out of it GO with your PLAN !!