Seems a bit high to me, but perhaps not if truly rust-free and good running.
I just finally sold one of 1985s yesterday. F250, extended cab, 4WD with 4.10 axles, C6 trans, and 6.9 diesel. Also had a custom-built 50 gallon rear fuel tank, along with the 19 gallon side tank. Had 135K orig. miles as far anyone can tell. Ran perfect and was well maintained. Just put new injectors and a new water pump in last year, although the old parts weren't bad yet.
I sold it for $1000, but it did have some rust, especially in the rear box.
As far a claims about engines burning out early when they lack overdrive? Has not been my experience. I've got another 85 F250 with a 6.9, no overdrive, and 4.10 axles. Has 420K miles on it and runs great.
Also had an 87 4WD Chevy Suburban. 6.2 diesel, TH400 trans (no overdrive), and 3.73 axles. Made it to 520K miles before the crank snapped into three pieces (with no warning). My son is still driving it in Colorado, with a 2nd engine, and it's now at the 260K mile mark. No OD and not blown up yet. That, even though it now has a turbo on it.
6.9 engine was built by IH and first sold by Ford in 1983, as I recall. IH built if from an existing HD truck gas-engine platform. That is why it uses the IH truck gas-engine bolt pattern for trans-mounting. The later 7.3 was exactly the same engine with a slightly bigger bore - until mid 1994 sales-year. Then got changed to direct-injection and renamed the Powerstroke.
As compared to the GM 6.2 and 6.5 series, the 6.9s and 7.3s are built much heavier. Both the Ford-IH and Detroit-GMs use the same Ricardo Comet precombustion chamber systems. The IH-Fords have heavier blocks, forged steel cranks, all gear-drive in front, hard valve-seat inserts, etc. GM 6.2s and 6.5s have light blocks prone to cracking under heavy use, cast iron cranks, a timing chain in front, and NO valve-seat inserts.
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