My personal opinion.
I've owned an 87 Ranger 2.9 2x4, a 93 Navajo 4x4, a 2000 Ranger 4x4 and a 2004 Explorer. I think i've had one of each Generation.
For all around price vs durability, i'd go with the 2nd gen, i.e. 95-01. the Independent Front Suspension makes a huge difference over Twin I Beam as far as i am concerned. As well, you get larger wheels with the later models (16's on my 2000) which gives you a better ride, and better clearance off road Stock height.
Mileage is around the same throughout all the years of the 4.0, however, the SOHC Motor gives you quite the power boost, but you'll pay for it.
take a look at another web site also,
www.therangerstation.com. They do a really good job of pointing out the differences between the years. (Not that i'm advertising another site, i have no affiliation with them, however, i've been a member here since 2002, you can see where my loyalty lies) in the end, i love my 2000 Ranger. It's probably the best truck vs money spent that i've had so far.
Good luck in your decision.
