THE PILOT HAD JUST PICKED UP THE NEWLY PURCHASED AIRCRAFT AFTER COMPLETION OF AN ANNUAL INSPECTION. DURING THE PREFLIGHT INSPECTION THE PILOT SAID HE LOOKED INSIDE THE FUEL TANKS AND THOUGHT THEY WERE ABOUT HALF FULL. THE PILOT SAID HE DID NOT USE A DIP STICK OR OTHER MEASURING DEVICE TO QUANTIFY THE AMOUNT OF FUEL ON BOARD. THE PILOT DEPARTED THE AIRPORT FOR A LOCAL AREA FLIGHT AND THE ENGINE QUIT ABOUT 45 MINUTES INTO THE FLIGHT. VEHICLE TRAFFIC PRECLUDED THE PILOT LANDING ON A HIGHWAY AND HE ATTEMPTED TO LAND IN A CONFINED FIELD. THE AIRCRAFT COLLIDED WITH JUNIPER TREES SHORT OF THE FIELD. AN FAA INSPECTOR EXAMINED THE AIRCRAFT AND REPORTED FINDING NO FUEL IN THE LINES FORWARD OF THE FIREWALL. THE CARBURETOR BOWL CONTAINED ONLY RESIDUAL FUEL. THE FUEL TANKS WERE DRAINED AND FOUND TO CONTAIN ONLY 2.5 GALLONS OF AUTOMOTIVE GASOLINE.