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I just bought a 1985 f250 with a 351. A couple days into owning it, I seem to have a cooling problem. The guages for coolant and oil temps both keep spiking. Meanwhile, the radiator is cool to the touch and the radiator hoses are both only slightly warm.
Does this sound like a thermostat problem or possibly something else? The only other thing I can really think of is possibly a clog in the cooling system?
Usually spiking temperature readings indicate low coolant or air in the system, which results in surges that cause those erratic readings. Did you check the coolant level, and made sure that you burped all the air out of it?
But if more than one gauge is spiking, then I would suspect a voltage regulator problem in the instrument panel.
My 1987 Mustang instruments all read high when I turn on the parking or headlights.
Sorry, I wasn't very clear in my description. When I said temperature spiking, I meant that after running a few minutes they quickly spike up high and stay there with minimal fluctuation.