Not only are all vehicles liabilities but this one especially so,as pointed out by many members here.This truck probably isn't the best truck to buy for the money asked for.
Let's say you started with this truck for $1,500 and put another $3,000 into it.
You would then have a $4,500 truck but it's value wouldn't be anywhere near $4,500.Not to anyone.Not even you.Why not? Because you could buy a much better truck for $4,500 in the first place than you would by putting $4,500 total money into this truck.More than likely you could buy a truck in 4 to 5 times better condition than this one would be even with another $3,000 loss (not "invested").
To be fair, 'value' is relative. And, it *only* applies if you intend to sell it.
If you intend to drive it, what it's worth is either A, what it's worth to you or B, what it would cost for a replacement.
I have no problem buying a $1500-2000 truck and putting $1000 into it... because of my labor, and the cost of a newer vehicle.
It's much easier to put 40 hours of labor into repairing a truck than putting $1200 in labor into it(20 hours at $60/hour shop rate), so even if it takes me twice what a shop does, I'm still money ahead.
And it's even more important to do this the less you are paid per hour at your day job.
Plus, realistically, these IDIs are pretty cheap. Yes, performance parts add up quickly(my $1200 IP being a testament to that). But you don't /need/ those parts.
You can get used stuff, JY stuff, and RockAuto parts and save a *lot* of money on parts; chances are, you can get the parts alone for less than half a 'decent' shop would charge you for them.
So, as long as you can put your own labor into a truck, it's a good deal. If you can't, then it makes sense to pay more upfront for a better truck, because any repairs are being paid for at shop rate and high parts cost.
In my case, I pretty much figure on driving my trucks until they disintegrate, so putting some money into one isn't too bad. And, as for performance parts, if one rig totally fails, you can always move them to your *next* rig... as long as you stay with the same platform.