Explorers are great vehicles that will last a long time if you take care of them. You have an F-body so you should be used to the rough ride and rattle boxes they turn into
But let me break it down simpler for you to understand. I may be a bit off on a few #s, but this will give you the relative idea of what America's #1 SUV history is like.
1991-1994 -- First Gen. Explorer. TTBs in the front and solid rear axle (Leafs) with a Ford 8.8 31 spline. Choice of 4-speed auto (A4LD) or 5-speed manual (M5OD?) with a 150 horsepower 4.0 OHV engine standard.
In 1993, the ABS became 4-wheel instead of 2-wheel, and the OHV recieved a small power upgrade. These you want to avoid personally if you want a daily driver. The ride is rougher than the newer ones.
----------------------------------------------------------------------
1995-2001 -- Second Generation. This is when everything changed. Completely new body styling. The front suspension is now an independent suspension with coil springs.
The 5.0 V-8 was begun in 1996 after Ford had an extra supply when the 4.6 modular replaced it in the 'Stang. Unfortunately, there was no selectable 4WD. Instead, always-on AWD was the only thing offered instead of 1 or 2 wheel drive. Most important thing was that instead of using the POS C3 based tranny in the V-6, the V-8 uses a 4R70W which has almost no history of failures. It's about as strong, if not stronger than your 4L60E.
The 4.0 SOHC was begun in 1997, and it was much more powerufl than the OHV. 210 horsepower @ 5,100 RPMs and 250 ft/lbs torque @ 3,400 RPMs. This is the motor you want personally for a daily driver. OHV owners will tell you otherwise, but they're just jealous since we get better mileage and have more power
Now I will warn you that until mid-2000, Ford used plastic chain tensioners for the timing chains, so you want to get those replaced under recall. The SOHC also was not offered with a 5-speed manual until recently. The OHV was ONLY kept around so you could have a manual option in the Explorer. Instead, the SOHC had a 5-speed automatic, but it's still just a C3 with 2 ODs instead of one.
In 1998, the Explorer recieved some minor changes, mostly to the rear bumper which was re-designed and looks better. Nothing major happened IIRC. Trims options changed, but that's about it.
---------------------------------------------------------------------
2002-Present -- Third Generation Explorer. Rear leafs and solid rear axle that was present in the older models was replaced by an A-arm fully indepenent rear suspension. The 5.0 is gone to be replaced by the SOHC 4.6 modular motor, and the OHV was dropped since the SOHC now has a manual option. These are seen as "wagons" to most people. I think they are fine, but it is a completely different animal. I can't tell you a lot about them since they are so new, but they are much more comfortable rides for sure.
That about covers it. If you want cheap, and a daily driver, the OHV will be fine. It has lifter ticks and some oil burning issues, but the engine will go 200K miles without any major problems just like the SOHC. The V-8 will run forever, but it costs a bit more up front, and the gas mileage is usually not as good. There is a guy on here (Aldive) with a 30 MPG 4.0 SOHC, and there are people who get 20+ MPG in their V-8s, so good mileage is possible with either motor. Let us know what you think. We are here to help. Good luck with the X purchase!
