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Help Please. I have a '96 XLT, 2wd, 4.0. Last week I was going down the road about 65mph, when suddenly the motor was racing but I was essentially in neutral. I still seem to have 1st and 2nd but no reverse or 3rd and I don't know about OD. I'm sure I'm looking at something major, but I would like any input or experience anyone else might have to avoid getting ripped off.
I had a similar situation, where my RPM was going pretty high and the car moved very slowly.
This was a transmission problem, I guess is pretty comon on this cars. Have AutoZone pull the engine codes, and maybe you'll get a error code reading something in like 1st, 2nd, and 3rd ratio out of sink.
It cost me $2800.00 to have my transmission rebuild, but you can buy one for about $940.00, including shipping.
Before you do anything, also check on your transmission fluid level, it may just be low.