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Agree ^^^ That V6 was the red headed stepchild. Replacing the revered Ford straight 6, and I think it had a 100% recall in the 90's for a serious head problem. I'm not a big fan of the 4.6L Ford, but between the two you would have to take the V8.
The 4.6 is a great engine. Being the mileage is the same you gain some torque and HP increased make the 4.6 a better option. The 4.6 is a solid engine and as long as your' not pulling heavy loads frequently you will be ok.
Keep the oil changed and it will run 200,00 250K miles without issue. I had a 98 with the 4.6 that was totaled out due to a deer strike. I miss that pickup and would still be driving it.
The motor for that truck is the 5.4. Forget about the mileage, its a better motor.
The 5.4 had a rated horsepower of 260 HP and 350 lb-ft of torque.
The 4.6 has 248 HP and 286 lb-ft of torque. If you're hauling or pulling the 5.4 would be the better option.
I have no issue with either engine.
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