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I have a 96 F-150 with the 5.0 and automatic trans. I drive it daily for college and home on the weekends. I am only getting 15 MPG and i would like to raise that up as much as i can. I also have a 85 F-150 getting almost 20 MPG with the same engine. I Know my 96 has the 3.55 gears because the tag on the of the diff covers 2nd row Said "3 55 8 8 " Could i change out gears with a higher set and make better fuel mileage? I don`t haul anything more that my tool box and its a 2wd.
You haven't provided enough info to talk details, 4wd, tire size, highway cruise RPM, etc. But it comes down to two things, highway cruise RPM, and money. If your RPMs in overdrive at highway speeds are in a good spot then your gear ratio is fine. Secondly the cost of the swap vs. fuel savings. You'd have to either do the swap very cheap, or drive a lot of miles to come out ahead from a slight increase that you might get.
A better approach is tune, aero, driving style, etc.
I would go for engine maintenance far before swapping gearing in the rear end.
The list of stuff that helped my truck was:
-All new fluids, synthetic fluids in power steering and diff.
-New filters, all around.
-Bosch Type III Injectors (You'll see a power change with this as well. Best 90$ I spent.)
-Electric Fan Conversion (Go for a 3G alternator as well - 130A Big Body)
-Changed out all the plastic vacuum lines for rubber lines (eliminates possibility of cracked plastic = vacuum leaks that rob performance)
-Cut out restrictions in intake line.
Many would say go for a less restrictive exhaust, which means new headers, cat, and muffler.
I do about 1000-1200 miles a week mostly interstate driving.
A 2wd 5.0 can get upwards of 20mpg in certain conditions... of course you could probably get double that if you traded the truck for a 4cyl car.
Best upgrades to the truck would include a 6Liter tunup, longtube headers with a 2.5" single exhaust, synthetic fluids and lube in the whole powertrain including the trans and driveshaft, and a larger front air dam.