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Looks like I'll be getting my boy's Ranger in August after he moves to new job. This thing is stock motorwise and notice it's pretty weak with about 175,000 on it. It runs clean and gets about 20-25 mpg but to get anything out of it you have to rev it to death. My thoughts are open the air intake and exhaust but how big on the exhaust and I heard K&N filters mess with the MAF sensor? What can get some clean power inexspensively?
The 2.3L engine is not meant to produce power, and does not respond very well to modifications. A tune up using factory parts can restore much of its original performance. Replace the plugs and wires with genuine Motorcraft or Autolite parts. Replace the air and fuel filters (the motorcraft filter is one of the best paper filters, AC Delco is also very good). After you have tried those things, see if the power hasn't improved dramatically.
Beyond that, to really get a significant amount of performance increase without severely penalizing the fuel economy, you need forced induction.
The factory intake and exhaust system are designed to maximize the engines performance and economy. You could replace just the muffler with a high flow muffler or turbo muffler, however, if the engine starts to over-scavenge, the economy will decrease.
Give it a tune up and don't mess with it. Keep it as an inexpensive, around town driver, and use something else with more power for highway use. I have a 94 and that is just my$.02.