Welcome aboard. Usually the first purchase is a LiPo battery and compatible charger. This already gives the truck a bit more pep, and more importantly it stays peppy for way longer. Fresh battery feeling for 2/3 of the battery instead of only the first minute!
After that a popular upgrade is to go brushless. This requires a lot of gear though; not just the motor and ESC (GoolRC is a cheap option that works well for most people, on 2s at least), but also either a new standalone receiver (
ECX 13003) or a new radio set (TX+RX) like the FlySky GT3C or Austar AX5.
With a more powerful brushless motor, parts which may fail on you are the transmission (metal gear upgrade from ECX is available), driveshafts (mine failed on stock power even) and possibly the plastic spur gear (you can go metal or upgrade to 32P, larger-toothed).
The tires would also be a worthwhile upgrade, but fairly expensive. Probably only worth it if you do a lot of loose-surface running.
As you can see, it's not hard to spend $150 rightaway. Or $250...
Oh, almost forgot! To fix the sloppy steering, the RPM (or Hot Racing) servo saver eliminator is almost a must-have upgrade. But when you have that, you will probably strip the servo, so you also need a metal geared servo (Power HD 1501MG is dirt cheap and more than good enough IMO).