Purchased the truck used. Body and frame in above average condition for the year, and miles were 117 and change. At 132,653 noticed a small oil spot on pavement under engine compartment of truck. Didn't think too much of it, especially since it late February and quite cold out. Noticed the spots continuing on pavement and getting slightly bigger over the next few days.

Make a long story short, the oil leak ended up being the passengers side head gasket, back side of head close by firewall started weeping, only externally. Motor survived, had both head gaskets replaced and a few other minor things while apart, and still happily driving it today. The biggest influence to buy a 2003 F-150 was the great luck I'd had with my 1997. Same motor, transmission, 4x4, rear end, etc and body style. Engine never lost a head gasket though, and sold the truck with 182,583. Owned it for 12 years 8 months, no regrets. The newer it is the better it is right?

Little disappointed with Ford. Found a Ford TSB online. It was telling techs to look for an external oil leak, exactly where mine leaked and it was the head gasket causing it to do so. Thanks Ford! Thanks for throwing defective head gaskets in the engine of my truck! Still like it a lot though and drive it daily. Reading about how wonderful ALL new trucks are today, and how much they cost for what you're really getting, makes me love mine more everyday.

Update from Aug 20, 2015: The leaking head gasket issue occurred back on February 26, 2013. Has 145 and change now.