Advise needed on 2004 4.7

Hi i'm new to the forum and need some advise. Looking to replace our 99 4runner due to corrosion issues.

I'm looking at a 2004 4.7 with 168,000. Owner is saying it has a check engine light on and the code is calling for a shift solenoid. Also he is saying it needs an exhaust manifold gasket replaced, but it was in that condition when they purchased it. And it may need a universal joint. When i asked what the symptoms were he said it doesn't shift into overdrive. And there's a "squeak" which made him think universal joint.

I have no problem doing the mechanical work to address these problems. I think i could pick this up for the low end of KBB vaule. My question to those more experienced: Is there anything obviously alarming about this situation that i'm missing? I'm considering it a moderate risk to move forward on this, but i'm looking to see if others think it's a high risk and there's likely more severe mechanical problems going on.

Owner said his fiance' currently uses it as a daily driver and it runs fine minus not shifting into OD, and the "squeak" and exhaust leak apparently.

Thanks for any informed input!

 

I would pass. If Toyota felt their transmissions didn't need overdrive they wouldn't have it. To me, the fact that it's been driven around with no overdrive ( for who knows how long) is unnecessary wear and tear and I would avoid it.

 

I would pass too. I have a 2005 with 150,000 miles - no rust, no tranny issues, no check engine lights.

His 4 runner is worth $500.

 

Alright thanks guys for the input. You persuaded me against it. My search continues