August 3rd, I bought a 2004 F-150 with the 5.4 L engine for $3,500 and it has been making a few noises. After I had driven it about 15 miles (enough to get the engine warm) when I would slow down to about 20-30 mph it would chug in 2nd gear. So I took it into my local ford dealer (not the one I got it from) and they ran the computer on it and it said that it had no oil pressure in the engine, so my engine is junk. I am looking for a rebuilt 5.4 engine, but can't find much.
Is it worth swapping engines? or do I part it out?
The body and everything else is in really good condition, so I don't really want to part it out. The dealer who sold it to me wanted $4,900 but I offered $3,500 and he didn't hesitate to say It's a deal. He knew this truck was junk and just wanted it off of his lot. I am 18, going to college full time, and working as a CNA, so I can't afford this. By the time I finally get money saved up, I have my college to pay for and that drains my account.
Tell me your guys' thoughts on this.

 

I would get a second opinion from an independent garage of good standing and see if it is possible to economically repair your existing engine.A 5.4 engine of that time had a handful of expensive issues..I wouldn't use a dealer for this. They are too expensive for a 16 year old vehicle and many times not as good as some independents.I would check for codes. Unfortunately, a 2004 truck with a bad engine is worth about $500-750.If you can do your own work, it would be a worthwhile project.My thinking is considering the high purchase price and repair costs involved, to pay someone to replace the engine you will have more in it than it is worth.