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the transfer case is the only difference. it is just one more rotating part to suck up some HP through frictional losses
a 4x4 will have about 15-20 fewer RWHP than a 4x2. and the 4x4 will wiegh about 300-400 lbs more.
so all things considered, you'd get more performance from a 4x2 truck. take it from me though, a Supercharged F-150 4x4 is a blast...especially in 4x4Lo
This Hennessey Takes the Expedition Tremor's Off-Roading Capability to the Next Level
Slideshow: The VelociRaptor Expedition gains a lift, upgraded suspension, Brembo brakes, and trail-ready equipment while retaining the stock 440-horsepower EcoBoost V6.