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I have a 1998 Ranger XLT (first year for coil-spring front, twin I-beam is 1997-earlier) 2WD supercab with the same drivetrain: 2.5 Lima 4, 5 speed manual, 3.73 7.5” rear. My aero improvement attentions are currently focused on the huge, blocky commercial cap on the bed, but I do want to clean up the front some more after that. An air dam is high on that list, as my truck has a front receiver hitch that eliminated the factory dam. I’m thinking about a 2” drop using the DJM control arms with the stock springs. An aftermarket flipped rear leaf shackle/hanger combo can buy you a bit of drop at modest cost.
My truck hasn’t always had that (or any) cap on it. Best MPG thus far was 27.28 (open bed, empty), worst was 18.18 (commercial cap with roof rack, medium load, towing a trailer). I use it to haul, tote, and occasionally tow, no dedicated data-collecting runs, so take what you will from that.
My best MPG in a Lima 4 Ranger (this is #3 for me) was 30 in a 1996 zero-option (no AC, radio delete, bench seat rubber mat) 2.3 5M short cab/short bed with a cab-height Snugtop fiberglass cap.
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