I have a '99. Same body as the '98. It's a half ton 4wd (K1500) 5.7. The transfer case shifts manully but I have a stripped down version (no power windows, bench seat, no carpet, vinyl seats, no trim panels in the back, Cheyenne type head lights, no rear air, 3rd row seat). I bought it in 2005 with 64K miles. Here's a list of the repairs that I've had to do to it. I don't think they're all that uncommon. You might want to check and see if any of this work has already been done or if it will need to be done in the future.
When I first got it I replaced all lube (engine, diffrentials, trans, etc) and belt
2005 at 66K, fuel pump, at 70K Alternator. Cost approx. $150.
2008 at 96K, Distributor, plugs and wires. Distrubutor gear was severely worn and causing a misfire/hesitation. Apparently not uncommon in these trucks. Cost approx. 400
2010 at 110K lower manifold gasket. GM used a gasket that reacted with the Dex-Cool antifreeze and caused leaks. This is a common problem with these trucks. They start leaking at around 100k (give or take). At this time I also replaced the upper and lower radiator hoses, heater hoses, thermostat, egr valve, belt....just because. Cost approx $350
2011 at 120K. Rebuilt the front suspension/steering (upper/lower control arm bushings/ball joints, tie rod ends, pittman arm, idler arm. (I had bad control arm bushings on one side, idler arm and a tie rod end had some play also. I just decided to replace everything with quality parts and hope for another 120K. This by far has been the biggest expense. I could have gone with cheaper parts and only replaced what was bad but I wanted to get it over with and not have to jack with it again (hopefully). Cost approx. $800
2011 at 120K. Sometime soon I need to fix the AC. I have a hose that's leaking. Cost approx. $200
2011 at ????. Sometime this fall (if not sooner) I'll replace the shocks. Cost approx $200
2011 There's a little
If these repairs seem expensive it's because I used the highest quality parts I could afford. If, on the other hand, they seem cheap it's because I did the work myself. Overall this has been a really good truck. It looks like I've had a lot of problems with it but for the most part they've been easy fixes and the repairs have been WAY cheaper than payments. If you decide to buy this truck either check for yourself or have a mechanic check to see if any of this work has been done or needs to be done.