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I bought a v8 2001 Grand Cherokee with 104,000 miles in 2004 and got about 2 yrs out of it before I gave up on it. In the end there were transmission problems that cost a bunch to fix and then after spending about $1500 trying to get the cooling system to work in the summer heat of Nevada without success, I sold it.
I'm not a mechanic so it was not a good car for me to own as I had to pay others way too much to work on it, and the cooling issue was a big worrying point since you don't want to overheat or get stuck in the middle of the Nevada desert. If you know what you're doing it's probably not too bad. I loved the car itself and it was the best 4wd vehicle I've ever driven. Just too unreliable and expensive to own for me.
Got about 22 mpg on the highway and around 18 mpg in town. I consider that pretty good for a v8 SUV.
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