So, is 4-wheel drive less efficient because:
1) it weighs more - transfer case, front half-shafts etc.
Yes. Also keep in mind that the front hubs and are considerably heavier than on a 4x2, so extra spinning weight.
2) power is always going through the transfer case - more moving parts, friction, etc.
Yes.
3) wind resistance - 4x4s always look really jacked up
Yes, they are really jacked up.
4) All of the above?
Yes.
5) Other - something else I'm missing?
You're not thinking about the front differential and differential housing and the beefier springs and shocks needed to handle all that extra weight. Add it all up and you get -
2000 S10 4x2 curb weight: 3,040 lbs.
2000 S10 4x4 curb weight: 3,596 lbs
Not to mention the shorter gears.
2000 S10 4x2 axle ratio: 3.73
2000 S10 4x4 axle ratio: 3.42
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