I guess if you buy used a 4X4 Ranger that will be the way to go. I've had a 2WD 4.0, a 3.0 4X4, and a 4.0 4X4. The MPG on the 4.0 4X4 (a 04 FX4) was about the same as a 07 4X4 F150 I had. The 3.0 4X4 Ranger was sluggish and the MPG for 3.0 wasnt worth the trade off. The 4.0 2WD had good power and MPG, but was terrible in the snow.

You may want to consider a (slightly) used or new F150 STX 4X4. The price range is close to a semi-loaded newer Ranger 4X4, and MPG isn't too far off. Plus you'd get a bigger truck.

This isn't to steer you away from a Ranger, however. They're cool trucks that are very capable!