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I’ve never owned a ranger and inherited this 1998 2.5. and just noticed this hanging from the bottom. Sorry not real good with vehicles so I understand if it’s a dumb question. It’s the hose hanging from the rear axle I’m wondering about . But see pics. Thanks. The hose hanging Hose coming from top of axle and hanging
That's the Vent hose for the axle
The axle fluid heats up and cools down so there needs to be an air vent so pressure difference does push fluid out of seals and gaskets.
All fluids expand when heated then contract when cooled back down, thats how a Pressure Cooker works, and it is where the Pressure in the radiator comes from, the coolant expands when heated up so pressurizes the cooling system, this pressure, 14psi, also raises boiling point of the coolant which is a good thing.
The vent hose end should be placed as high as practical, usually clips to frame under the bed.
And there should be a smaller filter on the end of the hose, to prevent dirt and "bugs" from clogging it up.
Off-roaders often extend axle vent hoses up to hood height, inside engine bay, to prevent water intrusion when doing water crossings.