I too bought a '95 Ranger recently. It was in good shape, only 70xxx miles.. Thought it was a good deal at $1500. Anyways, I've had to work on it just about constantly in the 2000 miles I've had it. I've got probably a good $4000 into it by now. That's doing all the work myself as cheap as possible.

I doubt I'll ever buy any vehicle used again.. Just ain't worth it. Too much of a gamble. I'd have a whole lot more money in my pocket right now if I just put $1000 or so down on a new one and been paying about $250-$300/month.

In my case I hope I have most of the kinks worked out and I can get a few years out of it without any more major work.

And if it's overheating.. Don't be surprised if it's the headgasket.. Very common. I had to do it on mine as soon as I bought it.