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Matt, I haven't heard anyone with a 5.4L V8 say they're getting better mileage than the V10. This is a big, heavy duty truck....skip the V8. The F150 is much better riding than the SD. You're comparring a torsion bar front end to a live axle/leaf spring set up. Also, the SD is going to have stiff springs and E-ply rated tires. If ride quality and not towing heavy loads matter alot, then the F150 or even the LD F250 might be fine for your needs.
My SD F250, Crew Cab, 2x4, Auto, V10 gets 12-13mpg city. I haven't really been able to get highway miles because I'm usually towing something. Expect 10 mpg or less.
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