What should I do with my truck?

I have a 1988 F-150. It seems to run ok, but the CHECK ENGINE light is on. There is a commercial on tv that says "Once your Check Engine light
comes on, it's too late". And they also say that a repair for a Check Engine light will cost around $5000. I wish I had known this before I bought this truck, because that light was on when I bought the truck. It ran well, so I did not think there was anything to worry about.
I paid $1200 for the truck, hoping it would last me 5 years so so. I did have to get the front brakes fixed, which cost another $380. So I have $1580 invested in this truck. I am not going to spend another $5000 to fix an old truck worth around $1500.
What should I do? Should I just keep driving it until it quits running, or should I just drive it to a junk yard? I phoned a local junk yard, and they told me that they will pay about $150 if I drive it in, but if they have to tow it in, they dont pay anything.
What should I do? How long will it run with that Check Engine light on, before it quits running completely?
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On Thu, 25 May 2017 13:44:42 -0600, snipped-for-privacy@email.none wrote:

Why are you asking. You already know the answer. If you have to pay $5000 to fix a $1500 vehicle, Drive it to the junk yard as soon as possible. Get the $150 and leave with a smile. $150 is better than zero dollars. Once a check engine light comes on, the car or truck will die soon. Most of the time the engine is ready to throw a rod. To prolong it, dump a pound of sawdust in the oil filler hole, but dont drive it long or you wont get a cent for it if you cant make it to the junk yard.
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On Wed, 21 Jun 2017 04:14:13 -0400, snipped-for-privacy@mail.com wrote in
That's what I would do. I wouldn't be surprised if you get another 50k miles on it.
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On Wed, 21 Jun 2017 04:14:13 -0400, snipped-for-privacy@mail.com wrote:

Before you jump too high, what code does it show? I know it's not OBD2, but the truck will still tell you what is wrong with it. If it's running good and not using oil, there won't be much wrong. Knowing WHAT is wrong will enable those of us who know something about the vehicle to tell you what to do with it. Do you need to get the light off to register the truck? If not, don't sweat it.
What engine is in it? How many miles are on it? Is the exhaust quiet? It will be an EEC-IV system.It's pretty simple, find the EEC Test harness on the drivers side inner fender, put a jumper between SelfTest-In and Sig-Rtn lines, turn the key to run and count the flashes on the check engine light. http://www.powershow.com/view/12a75-ODU3Z/Ford_EEC_IV_powerpoint_ppt_presentation start at about page 67 of the slide show. MOST CEL issues on an '88 F150 can be solved for under $500 if you are at all handy. Sure not rocket science. and CERTAINLY not a $5000 job!!!!!!
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snipped-for-privacy@mail.com says...

Find out WHY the check engine light is on.
Check out this thread, which explains how to check the codes.
<https://www.ford-trucks.com/forums/1026348-how-to-trip-my-engine-light- code-88-f150.html>
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On Wed, 21 Jun 2017 04:14:13 -0400, snipped-for-privacy@mail.com wrote:

Shows what you know. The vast majority of Check Engine Lights com on for pretty minor reasons - - Not saying don't fix it - but saying USUALLY thefix is pretty trivial.
If the light FLASHES, STOP driving immediately, or it WILL get expensive
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