I own a 1998 Ford F150 with 4.2 engine V6, with 153,000 miles. I am starting a new job as a Project Manager and will not need to use my truck for hard work, ie construction, anymore. I will be driving 10 miles total to the office and back home. I will have a company truck to use when I go out to investigate remediation sites. I just put a rebuilt engine in my truck, the connecting rod blew. The exterior needs some body work done to the tune of $2400, due to hit and runs over the past few months. If I fix up the exterior of the truck, will that improve the price I could get as a trade in or selling to private party?

KBB Says for a 98 FORD F150 Short Bed (with your mileage) the trade in value is $2,415. IMO I wouldn't fix it -- I'd just trade it in for something else. Your going to spend a lot more money on fixing it and won't be any better for you.

At this point in time that's a hard call to make. You won't recoup the cost of bodywork or the engine in the trade-in value. Speaking of the rebuild, is it a legitimate rebuild? I've seen a lot of things passed on as rebuilt when they really weren't. If the engine came from someone like Jasper, or a FoMoCo factory rebuild then you should be good to go. It's a crapshoot if the local machine shop "rebuilt" it. But from what you said, it seems like a honest rebuilt engine. If you have the bodywork done, at this point you should ask yourself if there's a point getting rid of it at all. Especially if everything is paid for in cash. If you did the bodywork, you'd have a reliable vehicle that looks good. These repairs will increase the value of the vehicle. But let's say the engine cost 1600$ and the bodywork was 2400$. These things would not raise the value of the vehicle by 4000$. So you would still be at a loss. I would keep it for at least a little while and get some use out of the investment you just made.

If you are going to get rid of the truck, I would just sell it to a private buyer and not dump any more money into fixing it up.

I forgot to add it's a long bed, not extended cab, with a locking cap on the bed. I'm debating whether to keep it for a few months and save up more money for a downpayment for a newer truck or SUV. Or just sell it and use that money for a down payment. I want to know what it's like to have no car payments for a few months.

Just my opinion, but if you can drive it for a few more months, to save up more of a down payment I would. I don't think it will depreciate much more in say 6 months, so if you could save $$, probably sell the truck for the same amount as now, you would have lower payments!!!

Definitely keep it for as long as you can, unless you are spending a lot of money making it run. Having no car payment is very nice!

Well, I have spent a lot (around 2000) in the last few months, but that was mostly wear and tear. Once I get the truck back with the rebuilt engine, it should run fine. Nothing else showed up of concern.

I dont believe you would recoup your investment of additional money spent should you decide to trade a 153K mileage vehicle.

You'll never recoup money spent on body work. A prime dealer has no use for that truck; it is too old. They will give only a very nominal amount and send it to auction, then it goes to a subprime lot. If you want to sell it quick, for slightly more than the big dealers will give you, shop it around at subprime lots. Otherwise wait for the right private buyer.

If its a 4x4 model, someone will want it for off-road use, and they won't care that it's beat up. A 4x2 model without a V8 just isn't going to be worth much, except to you since it runs well now and it's paid for.