You're shopping two completely different trucks under one badge. The old compact Rangers (1990s-2011) earned their reputation the hard way, owners routinely push them past 300k miles on original drivetrains, fix them with junkyard parts for pocket change, and replace them with another Ranger when rust finally wins. The current midsize version (2019+) tows 7,500 pounds, rides like a car, and packs a punchy turbo four, but it's grown to F-150 dimensions at near-F-150 money, and 2021-2023 models are showing up with oil leaks and transmission hiccups while still under warranty. Buy a clean old one if you want a proven workhorse that'll outlast your career. Skip the new one unless you need modern towing and safety, and even then, you're betting on Ford ironing out first-generation kinks.
The Canyon splits the difference between compact maneuverability and real truck capability, but its transmission has been a recurring weak point across two generations. The 2015-2022 models earned a reputation for torque converter failures and valve body replacements between 50k-90k miles, expensive fixes that owners either absorbed or fled from. The redesigned 2023+ trucks look sharp and tow well, but early buyers report a new crop of frustrations: infotainment glitches, electronic gremlins, and a transmission that still hunts for gears at city speeds. If you need midsize dimensions and can tolerate some quirks, it's comfortable and capable. If you want a truck that disappears into the background and just works, spend the extra money on a Tacoma.