I currently drive a 95 F150 extended cab 4x4 with an EFI 5.8 and have nothing bad to say. My folks bought it as a salvage in about 97 and then I got it. It's got around 240K on it now and has been awesome. It drives great, is comfortable, reliable and pulls a trailer well. I really like it and may end up putting 300K on it.
I love these trucks. I have my 96 now, and I've had an 87 4x4 as well. Both had 302's. Both automatic. The only real con I can think of is the power to mileage ratio, meaning not much power and yet somehow still sucky gas mileage. But I'm sure you already know this.
My dad bought the 87 brand new and I drove it into the 140K's with minimal issue, never had to replace anything major except for a rear differential. And ball joints/front end components of course.
I've never had any truck other than a Ford, so I can't speak to the pro's/con's of anything else.
92-96 F150, most handsome pickup evar produced IMO.
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