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Trans condition ? Is it a real Z-71 . A dealership near me was sticking Z-71 decals on plain 4x4 trucks for years before they got caught . Guy at work went through 3 transmissions in about 120,000 miles on his Z-71 ,
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Z71 is stickers and shocks. Everything else, including the tow package, skid plates, locking rear can be added on with any WT, LS, LT or LTZ truck. It's a fantastic way to get people to spend more money, and gives people a reason to say "ZEE-SEVVENY WON SON"
The 60e is a weak transmission that does not like big tires or being hot. While the 5.3L is likely going to be totally fine, the 60e would be my suspicion. The rear axle is also anemic, it's basically a D44, which is a bit too small (imo) for a rear axle on a truck with a nearly 10k pull rating. If he has big tires on it, run away.
The only really common issue with the 5.3L/6.0L is the knock sensors, they're under the intake manifold in a valley and therefore collect water, rusting out the sensors. Fuel pumps tend to die around 150-200k. Check for leaks on the back of the transfer case, the NP and NVG transfer cases liked to pump rub through the back half. It's a cheap fix if it hasn't rubbed through the case yet, but will cost a few hundred bucks for a replacement back half if it has. Push-button 4WD panels like to die, they blink when they're broken--and of course don't engage 4x4 at all. Blend doors for the heat/cold and defrost/front/floor burn out. Cluster issues occur on a number of them, although I've had 5 Chevy trucks 99-07 and only one had stepper motor problems.
The front end is probably well worn if it's OE. At that age I'd anticipate replacing the whole thing; pitman, idler, wheel hubs, upper and lower balljoints, inner and outer tie-rods.
Around here that'd fetch maybe $4k if it's clean.