Yes. Remember, Just Empty Every Pocket.
Really though, 16yrs is a long time. 90-ish Cherokee's had their issues. The transmissions are bullet-proof, the 4.0L can go 200K easily, but some things cause more problems than others.
Bushings will become noisy, fuel pumps go out by ~100K, you'll go through the usual wear items, and if you're in a wet area don't be surprised if you have electrical gremlins in your future. Which transfer case does yours have? (4wd means 242 or 231)
Mufflers, hoses, and such are normal. Even a starter. The catalytic converter should go a long way but may have rusted out. What are the total miles?
One word of warning is that dealers make mucho money on non-mechanical Jeep owners. Nosies lead to service visits which lead to "hey, your muffler bearing is going out!". $$Ka-ching!$$ You can save a bunch by joining a club or online forum to get wider perspectives on anything you notice. Who knows, maybe you'll discover a new hobby?
