Plot twist: I already bought my Home Depot truck back in January but as I've learned some pros and cons, I figured I would see what others think. The advice is not far off from what I was thinking when I bought.
When I was looking, I found that a lot of the small dealers with cheap trucks had very little credibility, often with very similar stories told in the dealership reviews: major drive train issues were common and usually when I would go and see $8-$10k trucks, they were about a decade of abuse past their prime. Sometimes the dealers would be honest and say things like "yeah this one has some issues, well try to figure it out if you want to buy it."
In terms of size, I decided that I wanted a small truck that was still big enough to throw a sheet of plywood or drywall in the bed (while hanging out of course) so I didn't want a short bed. Full size trucks with crew cabs seemed less useful than a smaller truck with a regular or long bed.
Started narrowing my search and many people directed me to a tacoma... but then I keep seeing Ford rangers for about 60% of the cost.
I found one that was a one owner 2002 extended cab with 161k miles... more miles than I wanted but it was in great condition and had spent its entire life in Marina Del Ray, California. It had a "I'd rather be diving " license plate frame on it so I figured it wasn't a work truck, all things considered. The interior was very clean which for me is a big plus.
I wound up paying $7800 and then spent $500 on a good tubular bolt on ladder/lumber rack. The dealer gave me a 30 day handshake warranty and the guy seemed to be a stand up guy so I figured it was better than buying from a private party that might not be disclosing a major issue that is causing them to sell.
I know that this truck would have been $5k two years ago but what can you do. To get the same price in a tacoma would have been a 300k mile vehicle. Maybe the same amount of useful life left?
So I've had the ranger for 6 months now put about 3k miles on it and have had zero issues. Changed the oil once and they told me it's leaking oil. Sounds good to me.
My biggest mistake was not going with a flex fuel ranger which would have saved me some fuel cost. I read online that they were all flex fuel in 2002, but they aren't. I get 14mpg thanks to a lot of hills around here. On the highway I might get 20mpg if I'm lucky.
I've seen plenty of rangers on the market with 200k miles so I figure this one has a decent amount of life left.