Also another M108 owner here. About the most useful truck I've ever owned. You may think a crane is something that doesn't get much use. That is until you own one. Mine's always being used to load and move stuff around, makes life so much easier.
Mine was a gasser, and the engine did run well. But being such an old truck, and neglected for so long, the gaskets in the engine would puke anytime it was over an idle speed. I ended up changing it to a multifuel, with air shift transfer and overdrive transmission. It is now a very reliable truck, that I have driven out of state.
All the brake lines, master cylinder, airpack, and wheel cylinders ended up rebuilt or replaced. About half of the torque rods were bad. Electrical harness was shot and replaced.
It depends on how the truck was treated. Mine was a construction/off road truck and no maintenance had been done to it in a long time.
The original color was air force strata blue on mine. It's a 53 reo.
1500 is a great price if the truck is just complete. I've seen asking prices of 19,000 to 10,000 for running trucks. They sell so rarly it is hard to get a price for them. I think Jtonka sold one for 6,000 recently.
If you search M108, there is plenty of information on the site. Here is a couple of links to when mine was rebuilt.
http://www.steelsoldiers.com/deuce/33686-extensive-m108-repairs.html
http://www.steelsoldiers.com/deuce/34765-extensive-m108-repairs-part-2-a.html
Dennis