The later 08+ 4.7 would the one I would go after. Over 300hp and with a programmer you could pickup another 20-30hp. The head design on those engines is different using 16 plugs compared to 8 plug for the prior version. I have an 04 4.7 in a 4x4 Ram. It's 235hp and 295 pounds of torque. It does the job but, needs to be revved. Even when its revved its still slow. The 4.7L is 287 cubic inches and a SOHC engine. Looks like an older Mercedes Benz 4.5L V8 in a way.

With that 4.7L I'd have some reservations. The 1st thing is oil changes. The oil jets/passages in the 4.7L V8 are small. If its had anything less than Mobil 1 or a good quality synthetic/oil filter I would pass.

The other thing with the 4.7L V8 is overheating. If it's been overheated more than once and severely overheated then it's time to replace the head gaskets. In addition, their maybe other problems such problems with the heads. Overheating the heads on the 4.7L also cause warpage problems or cause the guides to fail and pretty toast the engine.

The other things I don't care much about the 4.7L V8 is the exhaust manifold studs. Even new OEM replacements will break causing an leak. The 4.7L has three timing chains. With that mileage I would suspect to replace those along with the guides. As someone else already mentioned a sludgy engine can cause a lash adjuster failure on these engines. I'm not sure about the newer 08+ engines which got a little redesign in the cylinder head department.

Would I recommend a 4.7L V8 knowing what I know now? Probably not. Mine is already getting tired at 171k miles In fact, Chrysler just phased these engines out of production about 2 years ago. And when mine let's go I'm going with a 5.7L Hemi or something else. They're tons of aftermarket support for the newer Hemi plus it is OHV design.