Should I buy a 1988 Ford Ranger XLT, and what are the reasons for or against it?

Ford Models Forum Ford Ranger Club
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I’m considering buying a 1988 Ford Ranger XLT, but I have some reservations. Here’s the seller’s description:

“Hi, I have here a 1988 Ford Ranger XLT with 59,715 original miles. It’s automatic, clean title, updated tags, new fuel tank, new fuel pump, spark plugs, oil change, and flushed radiator. Asking $4500 or best offer. It belonged to my uncle who passed away.”

I paid for the Carfax, which indicates one or two rollovers, but it’s unclear. Before seeing this, I offered $3500, which the seller immediately accepted. Now I’m concerned if my offer was too high, given the rollover history. The Carfax only goes up to 2007, leaving 14 years of unknown history. The seller claims it’s a one-owner vehicle, but the Carfax suggests possibly two (“Title was issued or updated” in 2000).

The truck has been listed for 2 months. Is this a red flag? I’ve attached a picture of the Carfax for reference.

I’m waiting for the seller to return so I can test drive it. What do you all think based on this information?

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Pros:

  • Single owner (potentially 2, but that’s acceptable)
  • Decent condition with some new parts
  • Generally known for reliability

Cons:

  • 35 years old
  • Underpowered
  • Potential rust issues
  • Unknown condition of tires
  • Listed incorrectly as an F250 in the ad
  • Automatic transmission and 2WD

Honestly, I think the asking price is too high. From my experience, you should be able to find a 4WD truck from the mid to late 1990s in that price range. In my opinion, this listing is more realistically valued at $1500 to $2500. I’ve owned several pre-2000s Fords, and I wouldn’t go through with this deal.