Question about a 2001 Lincoln LS V8

DaleGrib

DaleGrib

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I am looking at a LS that someone is selling I can get it very cheap for like $700 cash it has 121k miles on it but they say the transmission is messed up. They said all gears work except the reverse gear. Does that actually sound like it needs a trans or is there a chance it could be something else? I am going to take my ForScan tool with me to see if any codes can give me any idea of the issue. But I guess the question is it worth it or not? And is there a chance that it could be a sensor or needing a new shiftier. They said it would drive just fine just no reverse !
 
Could be major or could be minor. Not enough info has been presented to know. Without dropping the pan, you probably won't know.
Personally, gen 2 is so much better than gen 1 that I wouldn't bother with any gen 1.
 
joegr said:
Could be major or could be minor. Not enough info has been presented to know. Without dropping the pan, you probably won't know.
Personally, gen 2 is so much better than gen 1 that I wouldn't bother with any gen 1.
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But isn't the Gen 1 a lot cheaper to work on?
 
DaleGrib said:
Just in general it seems to me. For example the price of a fuel pump Gen1 to Gen2
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Joegr is right after experiencing a 1 Gen with transmission problems myself and Spending way to much time dumping parts into and money into a 17 year old car take it from me you want to save your money for a 2 Gen with low miles ...every year this car was improved and by 2006 most of the bugs were resolved ...but if you can't resist the cheap price of the 2001 LS you're looking at then by all means know that if the transmission fluid is full of metal you'll be looking at a full over-haul which means at least $2800 for a good transmission shop with a 3 year warranty to perform what's needed to rebuild the 5R55N ford 5 speed transmission ...unless it's as easy as swapping in a new solenoid pack or you having the capability to swap out a different transmission or rebuild it yourself you're looking at $700 turning into $3500 when its all said and done and with what I see on Craigslist or dealerships you. An purchase a 2005-2006 for that price...keep me posted on the codes you pull...all my best
 
AmsterDutch said:
Joegr is right after experiencing a 1 Gen with transmission problems myself and Spending way to much time dumping parts into and money into a 17 year old car take it from me you want to save your money for a 2 Gen with low miles ...every year this car was improved and by 2006 most of the bugs were resolved ...but if you can't resist the cheap price of the 2001 LS you're looking at then by all means know that if the transmission fluid is full of metal you'll be looking at a full over-haul which means at least $2800 for a good transmission shop with a 3 year warranty to perform what's needed to rebuild the 5R55N ford 5 speed transmission ...unless it's as easy as swapping in a new solenoid pack or you having the capability to swap out a different transmission or rebuild it yourself you're looking at $700 turning into $3500 when its all said and done and with what I see on Craigslist or dealerships you. An purchase a 2005-2006 for that price...keep me posted on the codes you pull...all my best
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I have someone that will go to the junk yard and get one and install it for around $400 that is why I was asking. The owner claims it has never had any other issues and the carfax is very clean, it's a 2 owner car the last owner has had it for 4 years. If nothing else was thinking of getting it to turn around and resell and put towards another Gen2. I have owned 3 Gen1's and had good luck with mine for the most part. I will be using my ForScan tool for sure to make sure if any hidden surprises lurk. But one question if it is the Solenoid the ForScan tool should pick it up right?
 
DaleGrib said:
I have someone that will go to the junk yard and get one and install it for around $400 that is why I was asking. The owner claims it has never had any other issues and the carfax is very clean, it's a 2 owner car the last owner has had it for 4 years. If nothing else was thinking of getting it to turn around and resell and put towards another Gen2. I have owned 3 Gen1's and had good luck with mine for the most part. I will be using my ForScan tool for sure to make sure if any hidden surprises lurk. But one question if it is the Solenoid the ForScan tool should pick it up right?
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Absolutely ....solenoid codes are very specific ...I think flipping it is a great idea ...I absolutely loved my Gen 1 one of the best cars I ever owned and even with a P0741 code on mine it would out perform most cars on the road ...Sounds like a good deal if you have someone that will swap it out for that cheap ....but yes if it's a solenoid they're code specific
 
AmsterDutch said:
Absolutely ....solenoid codes are very specific ...I think flipping it is a great idea ...I absolutely loved my Gen 1 one of the best cars I ever owned and even with a P0741 code on mine it would out perform most cars on the road ...Sounds like a good deal if you have someone that will swap it out for that cheap ....but yes if it's a solenoid they're code specific
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:) so glad I made a cheap investment in a ForScan tool that thing has been such a life saver. Thanks for the fast reply !
 
Check the build date if its a pre May 2001 run away. The timing chain design makes it way more expensive to repair than a Gen2.
 
grizzlyls said:
Check the build date if its a pre May 2001 run away. The timing chain design makes it way more expensive to repair than a Gen2.
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Pretty sure Gen 1 is 2000-2002 unless you are talking about something else. Also not as worried about it being Gen 1 as I have owned several of them before and only had one that died but because of the wife letting the car overheat cause it was leaking around the thermostat housing. And that car is still sitting in my driveway and I paid like $500 for it and it drove for well over a year but the Transmission worked great so I have a spare one sitting in my driveway. Sadly was on the way to get it yesterday when my 2006 LS died cause of the alternator which was caused by the valve covers leaking down in it. Just had to order a good bit of parts for that one Sadly and it was having some issues already of it's own that I was in the process of repairing. Figured I mine as well replace the timing tensioners since I will have the valve covers off and change the plugs and coils on it since all of it is being broken down.
 
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1LoudLS said:
yes but he is referring to the build date because they updated the tensioner design half way through the 1st gen run
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Oh ok gotcha so you would avoid buying this to flip still ? I mean the car is clean as can be Carfax shows a lot of care was taken with this and all the maintenance records show that is was done at the dealership.
 
Its FAR more than just tensionors. The whole chain design and oil pump delivery too. Thus why post may 2001 you are golden because for the most part it is Gen 2, short of VVT. Again Post may 2001 it probably is flip compatible.
 
as a flip, sure it may be fine. but you will limit your self slightly with the audence of who would want to buy it. people that know and love the car will likely rather find a newer one for the same reasons listed. then again, a lot of people who just see the car as a great looking car may never no the difference.
 
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