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2004 Project FJR. Should I?

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Another consideration that hasn't been mentioned even with low mileage that bike could also have a condition of being a TICKER which was a problem with valve guide wear on 04 & 05 models.
In the end, a ticker isn't such a big issue. A ticker typically takes a lot of miles before it becomes noticeable. You can ride a ticker with no concern about reliability. You can ride a ticker until you get tired of putting oil in as it dribbles out the exhaust and it takes a very long time to get that bad. If the valve guides would wear without making any noise you wouldn't notice a thing until it became evident that some oil is being consumed.
You are correct in what you say but that is a very expensive repair.

My 04 was a ticker covered under Yes, the total came up to over $3300.

 
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