1963 ford f100

Im 15 years old and my name is Ryan ,and my dad bought me a 1963 ford f100, it has a prety strait body except for a hairlipped front right fender and a dent in the drivers door, it has quite a bit of rust but nothing structural, weve got it running and it sounds good, and I would like to know what im getting into before i put a whole lot of money into it, if you could help me out Id realy appreciate it.
     (p.s. sorry no pic couldent figure out how)  

Here’s the deal. If you really like this truck go for it. First things first, make sure it is safe to drive. This means making sure the brakes and all lines / pipes are in good condition. Before you hit the road you will also need to make sure all the lights are working. Then it’s on to the steering and suspension. If the truck was driven and not maintained well you will probably find some part of the steering linkage worn out. To check the steering just crawl under the truck, hang on tight and have your Dad drive around the block carefully. While he turns the wheel look for parts that move around before the wheels do. Wait a minute forget the part about driving around the block. JUST KIDDING The procedure is the same for standing still. Just have someone turn the steering wheel back and forth while your look for loose parts underneath. When you get that much of it working you will know what you are getting into and how not so easy some of the work can be. You will also get a feeling for how far yours or your Dad’s resources $$$ will go.
Then it’s on to the fun stuff like reliability, appearance items like tires and wheel and all the other good stuff. Don’t bother with the go fast stuff, this is not a go fast truck. This truck will go fast enough just the way it is in stock condition. I mean fast enough to get a ticket or get out of control at highway speeds.
Finally and here is the biggest part of what I have to say. Do this for the enjoyment factor, because this stuff is supposed to be fun. Do it because you love to do it. Do it for yourself and to spend time learning from your Dad on something that will be productive. Do it for the satisfaction of seeing something come together. Getting the engine running is an example that must have felt great. The reason I say all of this is you should not expect to get very much in return for your investment in time or parts. Most of what I just described is what every truck should have. Like I said at the beginning go for it, but plan on doing it just for you. If everything goes right maybe someday someone will pay a lot more than you did, but not just for good brakes and steering parts. This sounds like a good first vehicle to learn on, both mechanical and for body work. Then maybe on to bigger and better things. Good Luck  

thanks for the advice i have just putt new shoes on it and replace any broken parts in the stearing and brakes, the brakes were in horrible condition but i checke the stearin and nothing was broke, i have it driveing now and it is lacking less and less every day, i was wondering what kind of fuel economy it will get? I know with it being an older truck and a v8 it wont be good but id like an estement. how likely is it for the motor or transmition to shell out and leave me stranded? thanks  

When your truck was new, most daily driver V-8 cars were lucky to get 15 mpg on the highway. If you are doing just the normal running around like I do, my 347 small block gets about 12 mpg. The stock engine was about the same. On the highway, speed matters a lot and if you were to take it easy you might get 15 or so.
  As for how long will the motor last. My Dad would ask how long is a piece of string! There are just too many variables to answer that question here. Instead here's a little guide for engine or any mechanical noises of any kind. If the noise comes on one day and continues to get louder and louder it's a problem. If a noise starts, pay attention to it. If it comes on one day and does not continue to worsen, it is more likely a sign of age the case of your truck. I have worked around new motorcyles for a long time. When a sport bike is brand new it is tight and very quiet. When it is broken in, it loosens up and makes it own kinds of normal sounds. For the most part old push rod engines like yours will make noises when they are cold from a weak valve lifter. This should go away soon after the engine has started thanks to oil pressure filling up the lifter again. If the enigne makes any kind of knocking noise when it is all warmed up and idleing or gently revved up a little bit this could be a problem. You should know the sound of your engine when it is hot, at idle and at drivning speeds. These days everyone drives with the radio on and their windows shut all of the time. How do they ever know if they have a problem? I think usually they find out the hard way.
I hope this helps and keep in touch