4.0 SOHC (I've owned three) has 207 hp which is almost double what an old 2.3 has.
Also an Off-Road Package (I owned one) will have 4.10 gears and they scoot pretty good. It won't be close.
That said, the 2.3 in my 2020 Ranger is turbocharged, puts out 270 hp, and if you floor it, breaks the rear tires loose at 35 mph when the boost gets spooled up.
Guy in another Ranger Facebook group took his late-model to a dragstrip and posted a pic of the timeslip showing 14.8 seconds, which is 1969 GTO territory and silly fast for a stock 4 cylinder 4x4 truck.
You didn't have to have the off road package to get 4.10 gears, my 01 I had and my current 03 model both have 4.10 gears are just 4x4s no off road package.
The 2.3 will beat it in lower refueling costs, Ive never drove a 2.9 but logically a 4.0 especially the ohc should still win in a race. No matter what engine the ranger chassis handling goes to hell above 90 mph.
My lil ranger does 90 in 3rd gear, still pulling too. You probably wouldn't like to ride with me. As far as handling goes... well its no winston-cup car, but I feel confident in it (to not crash/fall apart) over 90
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