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You are going to get a lot of answers on this, and they will all be to get the 5.3, imo. I've got a 2003 tahoe with the 5.3 and love it. The 4.8 is not for towing, it's for soccer moms who should have a minivan.
The 4.8's power curve is what matters, not the advertised hp and torque. Also, the 5.3 is a much better engine for towing than the old 5.7. Better gas mileage too. Get the 3.73 gears as well. The 3.42 kills the towing ability.
I've been very happy with my Tahoe. Fit and finish is no better than others, but great powertrain.
Ditto GWcpa, I have an 01 with the 5.4, 4 WD and the 3:73 gears and tow a 23 foot CC which is about 5K and don't have any problem at all. I didn't even know they offered a 4.8 in the Tahoe, goes to show you how long it has been since I've had a new vehicle. BUT, I'm due for one this coming April, Tahoe yet again.........
Short and Simple - You cannot substitute for displacement when towing.. Get the 5.3
__________________ - Chris
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5.3 hands down...I have one in my 2000 silverado ext cab 4x4....I tow a 19' key west and don't even know its back there ....but I have made some changes I have a K&N air injection unit , gibson catback dual exhaust and a granitelli mass airflow sensor....picked up more torque and a realistic 35 hp......
The 5.3 is only an $800 option over the 4.8 when new, what makes up the rest of the price difference on those 2 Tahoes?* LS versus LT?* Cloth versus leather?* Mileage?
I think the 4.8 has been*beefed up for 2004 but the 2003 is probably the same engine as the 4.8 I have in my 2000 Silverado 1500 extended cab.* My boat on the trailer is about 4000 pounds, if I'm towing the boat solo the truck does fine and gets about 13 MPG.* This past weekend I towed it about 120 miles with a full load of camping gear, my wife and 2 boys on board.* Performance was not as good and mileage went down to 11 MPG.
The 4.8 definitely won't cut the mustard towing a 23' boat.* In fact, even the 5.3*will have a hard time with a 6000+ pound load.
I'm looking at newer trucks too and I might just skip over the 5.3 and go with the 6.0 that is available in the GMC Sierra Denali and the 3/4 ton GM trucks.