The Lima I4s are really good engines, despite using a timing belt. The timing belt actually isn't a big deal because it's a non-interference engine and it's simple to replace on these trucks. Changing the t-belt on a Lima engine Ranger is easier than changing the serpentine belt on some cars.
The Lima I4 was the standard engine in the Ranger from the 1983 model year until midway through the 2001 model year. There were three displacements; 2.0L, 2.3L, and 2.5L. The 2.0 was mostly used in fleets and is hardly worth mentioning...Ford stopped offering it in 1989 or so and they were all carb'd with output never topping 80HP.
The 2.3L Lima was offered from 1983 through 1997. In 1985 multiport EFI became standard. Around 1991 Ford went to a dual spark plug head. Power output for the EFI 2.3 started out at around 90HP in the 80s and topped out at about 115HP in the late 90s.
In 1998, displacement was bumped up to 2.5L and there was a slight increase in HP and TQ. Power output for naturally aspirated Limas reached its peak of 120HP for the 2000 model year through the end of production in 2001. The 2.5L still used the dual spark plug head.
With the dual spark plug head, you obviously have 8 plugs and wires to change. The ones on the exhaust side are easy, but the ones on the intake side are a bit of a challenge. Some people opt to remove the intake manifold to gain access, but you can do the job without doing so if you have enough extensions and swivel adapters. Compared to many vehicles, a tune up is still a breeze.
As mentioned, these do use a timing belt, but it's not a big deal to replace and it's not a big deal if it breaks. When the belt broke on my parents' 1986 2.3, they had it towed to a shop, and the truck was back up and running about four hours later. It's probably the simplest timing belt job on a semi-modern automotive engine.
There aren't really common problem areas on these engines. Obviously with trucks approaching 20 years old, things can and will break, but there aren't common weaknesses (ie, cam synchro on 3.0s, timing chains on SOHC 4.0s, etc.). You just need to inspect for normal old-age things like the condition of hoses, leaks, etc.
The majority of the trucks you look at will probably have the Mazda M5OD 5-speed manual transmission. Toyo-Kogyo transmissions and Mitsubishi transmissions were sometimes used in the 1980s and into the early 1990s, but the M5OD was the usual transmission behind 2.3s after 1987, and was the only manual used in Rangers regardless of engine from 1993 on. The M5OD is very reliable, but there are two things to watch out for. One is a leaking clutch slave cylinder, the other is leaking shift rail plugs. The slave cylinder is a pain because the transmission must be dropped to replace it. The part itself is cheap. Generally, if the slave cylinder goes out, it's a good idea to just go ahead and replace the clutch on it unless it was done recently. The slave cylinder should always be replaced when replacing the clutch, even if it's not leaking. When the slave cylinder starts leaking, it will become difficult or impossible to change gears using the clutch. The shift rail plugs are not as big of a deal, but if left unchecked they can cause the transmission to run dangerously low on fluid. They are three rubber plugs at the back of the shifter at the top of the transmission. They can dry out and crack over time. Replacing them is simply a matter of popping out the old ones with a flat screwdriver and pushing the new ones in. Some people opt to permanently replace them with metal freeze plugs if they have the transmission out. Other than that, the M5OD is rock solid. Keep in mind it uses ATF (Dex/Merc or Mercon V), though manual transmission fluids intended to replace ATF are safe to use. Do not use gear oil in an M5OD.
Personally, I wouldn't want an automatic behind a Lima engine, but Ford did build them. The early A4LDs were hit or miss. The 4R44E used from 1995-2001 was much improved, but there were issues with the valve body gaskets causing internal leaks that can cause it to miss shifts. Rebuilt valve bodies are easy to find from a number of companies, and you can get improved gaskets should you choose to rebuild it yourself. It's a pretty simple fix actually, and valve body issues aside, these transmissions can go a long time.
From 1983 until 1997, Ford used the tried and true Twin-I-Beam suspension in these trucks. Just check the condition of the radius arm bushings and look at the tires for signs of alignment issues. In 1998, they went to a common independent front suspension with rack & pinion steering. On these trucks, you need to check the condition of the ball joints. They will probably be making a LOT of noise if they are bad.
In your area, rust is really your biggest concern above all else since that's just about the only thing that can't be fixed with a trip to Napa. The rear spring shackles tend to rust out first. In the south these trucks just don't rust and the bodies hold up much better than most small trucks. Things like doors and windows tend to work correctly without adjustment for the life of the truck. My truck has a 1994 door on it due to a wreck, and it shuts perfectly and the window rolls up and down perfectly with the original regulator. In fact, when I bolted the door up to my 2002 truck, it shut perfectly on the first try, no adjustments (I bolted the door to my existing hinges, so the hinges were never taken apart)! Maybe I was just lucky, but I think Ford's manufacturing with these trucks was very consistent.
I would expect mileage in the low to mid 20s with average mixed driving, and as high as about 28MPG or so on the highway in well maintained condition. The later Duratecs (mid-2001 on) get consistently better fuel economy, as high as 30-31 MPG on the highway. The Duratec is a completely unrelated engine, but likewise is very reliable.
These are great trucks and are next to impossible to beat for reliability and ease of repair. I'd like to pick up a 1993-1997 2.3L manual regular cab when I can take on a second vehicle.
