First thing I would consider is what shape the rest of the truck or engine is in. If the truck is solid and without rust or body issues, I would certainly put money into it.
Unless the engine has other issues, a blown spark plug is no reason to replace the whole engine. Thread repairs are common and not complicated. Most times, an insert will make a permanent repair, and last as long as the rest of the vehicle. Oil consumption is usually valve seals. Can be done in the chassis, but not an easy task. burned valve is another story. But, know this: there are 10,000 4.6 Triton engines in use in New York, Chicago, Los Angeles as taxicabs, and they run for hundreds of thousands of miles with no more than ordinary maintenance.
A couple of other points to make. First is resale value. The ONLY reason that would be a concern would be for insurance purposes. I NEVER buy a vehicle with the idea of reselling it, so resale value is of no concern to me. Second item is electronics. In my opinion, we are headed for a "tipping point" in the electronics. manufacturers are loading new vehicles with more and more electronics every year. These are expensive to repair or replace, and in most cases have to return to the dealer for diagnosis and repair. This will eventually result in lawsuits, litigation, and hopefully access to important service features for the independent garage. In the meantime, I am inclined to avoid too much electronics.
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