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I am not sure, but I think I read that the 4.6 was discontinued 2 or 3 years ago in the Expys, but im not sure, personally I would only consider a 5.4 because of the weight of the vehicle, Ive read that the fuel economy is almost the same, or vary very slightly.
06 was the first model year with 5.4 only (this was the first year for the newer 3v 5.4 in the Expy). A used Expy with a 4.6 will be cheaper indeed, but the gas mileage is basically the same between the two motors. You may notice a 1 mpg difference, if any. In my experience, in the used market, the 4.6 is usually found in XLT trim (I believe the 5.4 was std in EB/LTD 4x4 trim) so it will usually only be found in 4x2 or XLT.
They did use the 4.6 in the Eddie Bauer editions, I have it in my 2001 EB Expy.
I absolutely love my Expy with the 4.6, but I dont use it for pulling/towing or carrying heavy loads, for on the highway it can barely get out of it's own way when trying to pass someone.
I (was) getting 19-20mpg on the highway UNTIL they started using the dang Ethenol blend fuel, now I get 17-18mpg highway.
If you need more power, definitely go with the 5.4
My 04 Expy with the 4.6 2wd is no rocket but I do get reasonable fuel economy at speed on the highway (18's and 19's according to the computer). I don't tow anything and when I test drove both new I didn't notice a huge "seat of the pants" difference in performance. I did add a K&N FIPK a year ago which does help a little with the performance. I have found the 4.6 to be very smooth engine and every once in awhile I will try to start it while it is running...oops!
I find my 4.6 totally adequate. However, I never tow anything and I am sure that would make a difference.
FYI: I have noticed that the 5.4 engines seems to blow more sparkplugs...at least you see more complaints in the forums about that problem with the 5.4. But the engines are so similar (except for the stroke) that most everything that happens to one size happens to the other.
I have a 98 with the 4.6. I love the truck never had a problem with the engine. I tow a 5,000 lb trailer about 400 miles a year without any problems. My neighbor had a 98 with the 5.4 and it only had 15 more hp then my truck. His 5.4 needed coil packs every couple of years. The newer models are more powerful, but I'll stick with my 98 because I think the quality of these vechicle has suffered in later years.
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