Well let me start off my saying Im new to the ranger seen. I picked up my first truck a 2000 F-350 6 speed with the 7.3 diesel. After driving it for a while Im looking for a beater to drive during the week and winter and leaving the super duty for the weekend and summer. So my buddies boss offered me a truck for $500, Im not sure if its a good deal or if Im gonna end up turning it into a money pit.
So let me describe this danger ranger.
1993 Reg. Cab Long Bed 4x4 4.0 V6 5 sped manuel XLT
-164,xxx
-Body is in astounding condition for an Ohio truck, one spot of rust on the bumper, than usual rust coating on the underside.
-Comes with extra set or 50% tires on rims and a cap (plan on selling anyways)

Bads
-Engine makes a knocking sound I really didnt listening to it closely to see if its coming from the top or bottom. My buddy said lifters but someone else said a knock(didnt describe where..just a knock)

-Tranny shifts fine but will get stuck in nuertral if you dont shift right into gear so you have to down shift every gear, PITA but its fine. So Im guessing syncros.

-Lastly clutch slips

So overall its a $500 running 4x4 truck. What do you guys that know these trucks think? Is this too problematic? How about the engine noise, Im gonna have a buddy who gaeurtess he can confirm if its a knock or a lifter issue when i look at it again. Even with a knock will it last for awhile, easy fixes, should I be more worried about the tranny. If the motors just lifters, should I just buy another used tranny assuing it comes with a clutch, if so how much would it cost probably. If she does blow up how much can I part it out for?

Thanks guys Id love to get and it be on the forum but cant afford to lose money on it. All thoughts, comments, and answer would be appreciated. Thank you very much!