My father in law bought his 95 new and just went over 200000 miles with it. The tranny is showing its age, and is ready for a rebuild,<snip>.
My '88 E350 (~150K) had these "major" problems:
Steering pump rebuild/replacement at about 12 years, had been leaking for 5
Auto (C6?) transmission has been leaking for over 10 years, about $3K to rebuild or $10 to $20 of fluid a year. So your father may just want to fil 'er up.
Water pump failure at highway speed on a trip
And don't get me started about the A/C - For a couple of years Ford put in O ring gaskets with springs. It was a great "engineer idea". But they leaked down in three years routinely.
A quick slip and you could pop them out and replace them, then add Freon at 75 cents a can.
BUT on the van (not the truck) two, back up on the firewall, are almost impossible to replace unless your hands are the size of a munchkin and your arms as long as Wilt Chamberlain.
So - I haven't had A/C in about 10 years.
However, nock on wood, it's been a remarkable beast for 21 years.
/edit and it tows my tractor.