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I replaced both knock sensors on my '05. From what I understand is that these rarely go bad, and it's most of the time a wiring issue. On mine, it was actually a wiring issue in the sense that some idiot in the vehicles history did a "repair" or something, and actually cut the wire on both knock sensors, and taped in some jumper between the harness connector.. Really weird. Replaced both with new, and the engine was a lot happier with its life after.
The original ones from Ford is manufactured by Bosch, so instead of buying a Motorcraft part at $34, you can get a Bosch one at $19. If you're going in there to replace it (you need to remove the intake manifold), I'd replace both sensors even if you're only getting a code on one, and I'd replace the CHT sensor in the passenger head. Also, inspect the heater pipe, it likes to rust and break. Mine wasn't too bad, but I sanded it and the engine block down a bit and hit it with heat resistant paint just to help it along a little.
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