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Is it a piston slap or an exhaust leak? They are prone to having exhaust manifold studs break off which causes an exhaust leak that is most noticable when the engine is cold.
I read a TSB that said that the probable cause was the timing chain tensioner not completely tightening the the chain when cold. My '03 f150 has a ticking noise around 2000rpm when cold then goes away once the truck warms up and doesn't come back. I havd 66K on the truck and the sound hasn't gotten any worse since I bought it. It seems to be less noticeable with a new oil change. It also got quieter when I started using Motocraft oil filters.
TonyC
No noise from mine. Started it yesterday when it was 0* outside. The only noise I heard was what sounded like my power steering pump was frozen, but that went away almost instantly.
Ya mine 2002 150 4x4 5.4 is the same...102.000kms and when below zero The p/s pump screams and a slight piston slap or lifter or exhust tick....who nows who cares ...It never gets worse.Drive it!
My 2003 5.4 when it is cold out revs like a brick is on the pedal until it warms up, but that has been like that since day one in the cold, 48,000 miles and seem to be no other start up noises.
Piston slap is caused by the pistons having short skirts to reduce friction. When cold, they tend to move around slightly in the bores until they heat up and swell to proper size. This is not a Ford only issue. GM LS1's also have this issue. It is harmless and has no adverse effect on the engine.
The newer 3V engines have longer piston skirts to keep people from complaining about this issue.
In a nutshell, I've stopped listening to all the "little" noises trying to figure out if this was the one that causes the engine to BLOW UP! Ya know what? I agree with 78 Short. Just drive it. When something is ready to go, you'll know it because it will be louder than the radio instead of the other way around.
LxMan1, don't go so far to say as it does not have adverse effects on the engine, and its not only LS1's that have it. It'll groove out the cylinder walls if it is bad. A minor piston slap isn't too bad, but if it starts soundin like a diesel all the time, definitely get it fixed.