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Late model 3rd gen or early 4th gen?

IcelandExplorer

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Reykjavik
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Hope to know soon!
Hi all,

I've all but decided to join the ranks of Explorer owners - seem to be good value, reliable trucks that meet the needs of a growing family. I'm having difficulty deciding whether I should go for a late model 3rd gen (04 or 05) or a an 06 4th gen (my budget won't really allow for a later model than 06).

I like the looks and various improvements that have been made to the 4th gen, but worry about reliability of the first model year of that generation.

The 3rd gen on the other hand, I can pick up very clean, low mileage examples 04 or 05 (XLT, Eddie Bauer or Limited) for a fair bit less than I'd have to fork out for an 06 XLT. The 04 and especially the 05 should have ironed out most of the early problems (shouldn't they?) but I still worry about the transmission problems many are reporting.

Would very much appreciate your opinions on the pros and cons of late 3rd gen vs early 4th gen - in particular anything relating to reliability (not least tranny issues) and any points on fuel economy would be great as well.
 






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