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I have a 2001 4.2L manual with a longbed and 30 gallon tank, 3.55 gears, just hit 62,000 miles last night and with the truckbox loaded with tools (very heavy) and I use the truck 50/50 city and hwy with ac running I get a constant 500 miles to the tankful...not bad, not great! I dont have a heavy foot or a light one either.
also I put a 5 gallon can of gas in the bed and ran the truck out of gas right after I got it to see how far I could go when the gauge was on dead empty and I squeezed 68.5 (stop and go driving around the neighborhood) miles out of it after being on empty
all in all I'm pretty happy with the truck and its gas mileage and performance
my 4.2 has always got 16. City or Hiway. One time it got 19, with the wind behind me going across I-10 from Houston to Baton Rouge. But it's 16 almost all the rest of the time. My GM 4.3 got 15 reliably. Must be the Cubes per air/fuel volumn. The F.I. makes it very reliable to figure the fuel milage though.
One of the captains where I worked has a 2001 4.2L SCab....probably has 3.73s with the slushbox and he gets 14mpg's reliably, if no other better word to describe it.
If he does the shopping for a donor drivetrain, I'd help him with a 4.6L swap after hearing that mpg figure.
I have a 2004 Heritage (old body style) Super Cab 2wd with the 3.55 rear and auto tranny with my K&N FIPK I am getting an average of 19.8 mpg. I do not carry anything in the bed except a Line-X liner, Ford OEM rubber bedmat and putco stainless bedrails. I love the economy of my truck. However on the eastern shore of MD it is completly flat with little traffic. I usually drive my 1998 Ford Escort 4dr. 5spd to work and get about 34MPG.