I have owned this very vehicle for the last 17 years, since it was less than two years old and still in warranty. While it's definitely been a reliable ride, it is far from perfect, especially as it gets older. Those "bullet proof" V8s will almost invariably start leaking from the timing cover at some point between 100K and 150K. Not a simple, but doable repair for a shade tree mechanic like me (and may I assume, you?), but many hundreds of $$$ if you have to pay someone. Also, the Ford 8.8 diff will develop its infamous whine at some point in that mileage range. This is a lot more ambitious for the do-it-yourself crowd, and will part you from $1000 or better if you take it to a shop. And that's assuming you find one that's been taken care of lovingly for all its 20 years of existence, no mismatched tires were installed to damage to transfer case, the engine never overheated, and so on and so on.
As much as I love my '98 Limited, I would not recommend that trim to a novice who can't work on his own vehicle. For one thing, the air suspension is probably dead and needs expensive repairs or a downgrade to conventional springs and shocks. And then there are all these extra gadgets: EATC, power seats, steering wheel controls, etc. -- all of which are likely to fail (if they haven't yet). A basic trim would be a much better deal. Still, if I were to buy one of those, I would make sure to have $2000 or so in the bank for first-year repairs. And by the way, if the OP needs this vehicle for driving in the snow, he better check that the front driveshaft is in place and make sure all four tires match perfectly.
Hey, it's nice to know you can damn all like vehicles based on your one vehicle experience.
I have owned a 93 Limited, 98 Mountaineer with every option the Limited has(minus the memory seat), my 99 SOHC Limited, and my newest 98 Limited. I am very familiar with the high option models, my four Lincoln Mark VII's had the same 302 HO/AOD and all options. My vehicles all would qualify as high mileage. None of them have leaked from the timing cover ever, my 98 Limited has seepage at one edge of the oil pan(not worth worrying about).
Seven of these eight vehicles have/had the EATC AC system, with no issues related to it. My Mercury has a blend door issue that I haven't felt like pulling the dash yet to fix. The air ride in all of my Lincolns have been excellent, at 20+ years they begin to need some care, not expensive repairs. The ARC of the Explorers is troublesome if not cared for(you must change the shocks once in a blue moon(nobody does)). Any air leaks will kill the compressor, but nobody bothers to do anything until the compressor dies. Then they conclude the system was poorly designed, and they rip it out.
I added the ARC system to my 99 Limited(not standard from 99-01), and I love it, it maintains the ride height with any load.
All of my many cars have had the 8.8 rear end, none have had any issues besides an axle or bearing(from high mileage). These are very very reliable rear ends, if taken care of. That means the gear oil isn't forever oil, and ignore it. It should be changed as recommended 100k or so, or more often. It costs maybe $50 in parts and oil to do the rear, that's axle bearings/seals, and the oil. Who would argue that's expensive to do at about every ten years? None of my cars have ever had any whine in the rears, none. That's an issue of lack of maintenance, for 10-20 years doing nothing and waiting for a problem to occur.
That is what kills 99% of all Fords, poor maintenance. People think proper maintenance is just driving the car until something goes wrong, and then pay hundreds of dollars for the repair(then do nothing until the next time).
Changing the oil regularly and other fluids occasionally is not proper maintenance. Every vehicle owners manual will have a maintenance schedule in it. Every owner should heed that, it's an excellent source of proper planned maintenance. It isn't perfect, I like to use much better fluids than recommended, better parts if available, cheaper if worthy, and more often as I deem needed. That's why I don't have break downs generally, I put extra effort into my vehicles. In the end I spend a little more(20% maybe) on parts overall, but far far less on labor. And I don't mean paying someone else for labor, I mean the actual time/labor spent working on the car(not the cost).
Please do not bash a car based on your limited experiences, or other's opinions. I have had dozens of coworkers with tons of vehicle problems, and all of these are personal work vehicles(mail delivery). I could endlessly bash various makes or models, but that would be inaccurate, because 90% of those problems were related to lack of proper active maintenance. They drive their cars until they have a problem, and then they work on it. They blame their car problems on the manufacturer, not on the mechanic, or themselves. Don't do that, spend more of your effort taking better care of your cars. Then there will be less trouble, and you can brag about it, while driving trouble free, more. Regards,