You need to make sure it has the 5.0L in it if you plan to do towing
in 1996 two engines were avail the 4.0L OHV V6 and the pushrod Gt-40 5.0L
the big advantage to the V8 is the transmission behind it, this transmission is twice as stout (thats right V6 guys I said twice) as the smaller V6 automatic
150K miles is JUST GETTING STARTED as long as it was well cared for
since this is a 15 year old truck (96's were bought in 95) you can expect it will need some work, if it is the AWD 5.0L V8, then you will likely need to do some work on the front end unless it has all been addressed... around 150K miles this sucker likely needs:
inner tie rods, outer tie rods, upper and lower ball joints, cv shafts, and hubs
also shocks and brakes of course......
now dont let that scare you, that is the good news! any other 96 SUV with a V6 will likely be looking at those repairs and alot more (like a new transmission soon, new t case soon, etc) the V8 doest suffer from this... and 96 was a VERY good year for the 5.0 explorer, I LOVE MINE and I consider 96 to be one of the best years.. in 97 they made a change to the front d shaft that just plain sucks to deal with
I absolutely love my 96, I would not hesitate to budget build another one: