Up until about 3 months ago, I owned both. Bronco was a great truck. DD'ed it all threw college and for a couple years after. Had a mild lift on it, 33's, system, exhaust, exc. Loved that thing. Plan was to keep the Ranger stock and mod the Bronco more, but then I started focusing on the Ranger because it was new and different. I sold the Bronco because it just sat 99% of the time and because I couldn't watch it deteriorate anymore. Plus I want a diesel soon and can't have 3 trucks.
Do I regret selling it? Eh, kinda. It was CLEAN and i'll probably never find another one like it. But newer trucks are 10x the trucks as far as comfort, power, build quality, exc.
As far as modding goes...the Bronco is cheaper to lift. Removable top, seats 5 people, V8 powah, exc. MPGs suck, but thats expected. Ranger is definitely the better DD.
Rangers are a dime a dozen. If you can find a clean Bronco and build it up, it will be a better rig then the Ranger. Watch out for rust on the quarter panels and tailgate. E40D trannys go out around 160k miles usually. Solid rigs otherwise.
Here are mine.
TOTALED DEC. 2014...05 XLT 4x4
Replaced with Blue Jean Metallic 2014 SuperCrew F150, 5.0 Coyote, 10% tint, Hell Bent Steel Leveling Kit, Allied Duals, Weathertecs, Uniden CB