Should I put money into a 1995 ford ranger?

I'm a teenage boy and my stepdad is giving me his ranger. He is the original owner of the truck and knows everything about the truck while keeping it in perfect condition. He has a commute to work everyday so he has put A LOT of miles on it. To be exact, 350,000. He just got done putting in a new clutch for it and a bunch of other stuff. Basically whenever something breaks down on it, he will fix it within a week or so. The engine its self is original but everything around it like fuel pump, carborator, etc have all been replaced. My intentions for that car is to get a new stereo system, nice off road tires and rims, cheap paint job, and maybe a 3 inch lift to make it sit better. I don't know if that s a waste of money for that truck. Also if I were to want to get a new car, I would have to drive that for like 6 months then get another car. I really like the 4x4 look so my car would most likely be a truck or a jeep Cherokee. I would like to go mudding so that s why I would need the accessories. Also the ford ranger is 2wd not 4wd. So, what should I do?

Do NOT waste any $$ on a vehicle that old with that excessive mileage! You may want the 4x4 look, but wait til you have a vehicle you can afford to put $$ into… Best thing to do is just drive it as is til it will no longer run

I would drive the Ranger while saving for a 4x4, and thank him for thinking of you. Make sure you keep up on the maintenance so he knows you appreciate the truck.

It won't go off road very well. I have owned 3 of them.
I would just drive it while putting money away for you dream off road vehicle.
They ARE super reliable.

It sounds like it could be a good transportation vehicle for you but I wouldn't spend too much money on making it look cool. Check for good used Off road tires and rims and go to Maaco, One day Paint, or Earl Scheib for the cheap paint job. Try to keep the total improvements at $1000 or less.