Girlfriend has a Caprice Wagon and had to have a trans rebuild at 100K miles. The 1-2 shift is horribly slow, and jolty. It's not the 700R4 though. Whatever the 305 came with (It has an Olds 307 because the 305 junked out at 90K miles) is the trans in the Caprice. It's an 86. I think GMs are garbage personally. You couldn't sell me on anything GM ever again after dealing with a Buick that was less than perfect, and this Caprice which won't even idle.
As for the Explorers...the 5R55E first used in the SOHC V-6 Explorers in 97 is amazingly better than the A4LD. Don't let anybody tell you otherwise. 146,000 miles on my stock 5R and it still shifts perfectly. The SOHC is also a very reliable motor once you get those chains fixed, and the gas mileage is much better than the OHV.
In fact, *flame suit* the SOHC/5R combo is better than the OHV/A4LD in nearly every way possible. Glacier (I belive that's his name) has an incredible write-up on re-building the A4LD. It goes into the weakness of the overdrive unit, and he states that the 5R's new pieces (It is NOT just an A4LD with an extra speed) make it much more durable than the overdrive C3 trash. Ford wouldn't be using it in the new Mustang if it didn't think the trans had some merits.
I think just about any 2nd Gen with the SOHC or V-8 (The V-8's 4R70W auto should give you next to no trouble) past '98 (The new tailgate looks much better IMO, and I like the round foglights) is a great truck. Can't say much about the ControlTrac, but the auto hubs seem to be a pain. The 2WD is great. This idea of ball joints going out every 30-60K miles or whatever is a myth to me. I'm running on my original front end, and rear. Didn't even do a brake job until 90K, and I'm still running on 3 original rotors. They are now finally below spec, but brakes still work. Suspension is also stock. I have gone to the beach, and done minor off-roading. No serious trail driving, but I've done some mean things to this girl, and she hasn't done this to me ever :roll: . I love my X!
