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Like the others I agree $3k is a good price, but I'm doubting the 77K miles on the odometer. That's only 2,000 miles a year, but if you're not concerned about it being 177K or 277K then jump on it.
 

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The problem with relying on Carfax reports Plum, is that they weren't around for the first couple decades of this trucks life, so you would only get recent history. Sometimes you can tell by the wear on the pedal pads. If they are really worn down (possibly to the metal) then it's more than 77K miles. Ask the owner to tell his story on the low miles. It may be genuine if he's owned it all it's life & he had 3 or 4 other cars that he was driving all the time instead of this one. Maybe it was a farm truck & he only used it an hour a day. It could be actual miles, just ask about it.
If you're satisfied with the way it runs, then at $2500 it probably doesn't matter whether the miles are original or not.
Be sure & slide under it & see if the trans pan is leaking, or if this might be an engine oil leak. Engines from that era were famous for having rear main seals that leaked & would be more expensive to fix than a simple trans pan gasket. Wipe up some of the leaked fluid off the ground onto a white piece of paper or a white paper towel. Is it red (trans fluid) or is it more clear colored like engine oil?
 

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If it's a dealer & he's only owned it a short time, how can he verify the actual miles?? :)
Check & see if it's the rear main or the trans pan gasket. If it's the rear main seal & you end up buying it you can replace the rear seal in the truck if you have some mechanical experience. If you get it post back here when you're ready to replace it & I'll walk you through it. As far as what it would cost for a shop to replace it, I don't know. They'll probably try & sell you a complete R&I the engine, pull the crankshaft to replace the seal & then while they have it apart they'll find marginal bearings, rings etc, plus depending on what part of the country you live labor rates vary a lot, so find out what it is first & go from there.
One other thing, pull the trans dipstick & smell it. Does it smell burnt? ATF should be a nice cherry red & should not smell burned. If it does, then get an estiment on a rebuild from a shop as you won't be able to do this yourself, or get a price on a salvage yard trans & make the guy an offer with this $amount deducted off the $2500. price of the truck. Even with a few problems this is probably still a good buy, but you don't want to burn all your money right at the beginning or you won't have any for more expensive repairs, & there may be other trucks available that are just as nice if you can't come to an agreement with this salesman. Is this at a dealer, or is it a pot lot?
 

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X2 on taking a mech with you to look at it, but if you can find a leaky pipe in a house, you should have no trouble finding out where this leak is coming from so no worries if he can't go with you. Just be sure to smell the tranny fluid & be sure & use the white paper towel trick to determine if the leak on the ground is red or yellow.
Don't worry about the backfire. It could just be 2 plug wires laying alongside each other & bleeding voltage across at the wrong time, moisture on the wires, moisture in the distributor cap. Could also be a bad distributor cap with 77K miles on it. A good tune up could easily cure what ails this truck. Even the leaks shouldn't worry you cuz if you can plumb a house, you can fix an oil leak on this truck. Like others said, you should take it for a test drive & make sure & take it somewhere you can get it up to 50 or 60mph so you can listen for rear end gear noise, front or rear wheel bearings & engine rods knocking, or whining or slipping from the trans... basically any noises or vibrations that just don't seem right to you. If this thing drives nice, shifts good when it's warmed up, & you don't notice any unusual noises or problems with it, then it's a winner for $2500.
Kid Haulers idea about possibly putting it up on a hoist is great. If you could do that you could easily spot hidden problems & it's easier than crawling around under it on your back.
 
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