Excerpt from the December 2022 issue of Car and driver.
Ford’s performance-oriented Special Vehicles Team (SVT) debuted two 1993 models: the SVT Mustang Cobra and the Lightning SVT F-150a bloated pickup that immediately split the Car and driver staff in “Why? and because!” camps. Enough buyers fell for the latter that the F-150 Lightning got a sequel with a big power boost for the 1999 model year.
From 1999 to 2004, Ford produced just over 28,000 second-generation SVT F-150 Lightning clad in the aerodynamic body (and Flareside bed) that arrived with the 1997 truck. Not enough to make them common, but enough to create such a cult following that even today owner forums thrive and enthusiast get-togethers occur across the country.
Models from 2001 received a revised 5.4-liter Triton V8 with more power, a shorter rear axle ratio and monotube Bilstein shocks. The best examples are the 2003–04, which get factory updates that fix common issues. The abundance of mods requires careful analysis of potential purchases. Make sure the job was done correctly and consider replacing inferior parts.
Problem areas
A common problem with 10th-generation F-150s is the V-8’s tendency to eject spark plugs, and the Lightning is no exception. The 2003 and 2004 models have more threads in the cylinder heads to help fix the problem, but it’s worth checking the plugs. Just be careful when removing them as their two-piece design tends to break into the head.
Assess
The arrival of the new electric F-150 Lightning has sparked renewed interest in the supertruck of yesteryear, with prices rising significantly over the past two years. The days of second-generation éclairs under $20,000 are largely over, though the occasional example from 1999 or 2000 may stray from that range. Low mileage and originality are prized above all else and drive most high sales, with the top end of 2001–04 models ranging from $40,000 to just under $50,000.
Engine
The F-150 Lightnings for the 1999 model year had an Eaton supercharger attached to a 5.4-liter V-8 that produced 360 horsepower and 440 pound-feet of torque. The 2001 model gained a revised air intake opening and mass air flow meter, as well as a higher-flow intake, boosting power to 380 horsepower and 450 lb-ft. Some final tweaks for 2003 included heavier rear leaf springs that increased payload capacity from 800 pounds to 1350 pounds, in case you intended to use your Lightning to haul more than ass.
2001 Ford SVT F-150 Lightning
5.4-liter supercharged V8 with 380 horsepower, 4,702 lbs.
TEST RESULTS
100 km/h: 5.2 sec
100 mph: 12.8 sec
1/4 mile: 13.8 sec at 104 mph
Braking, 70–0 mph: 185 feet
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