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I've got the same CEL on my 1996 Aerostar that I picked up in June. So far, I have just been monitoring the status (doing OBD2 checks occasionally to make sure that is the only code). It does not seem to affect performance or gas mileage excessively.
The evap cannister is located under the air filter box. It's pretty easy to get to by removing the box, but the Chilton's manual says to go in from the passenger tire. I haven't tried that way.
When I got to my cannister, it looked like the hoses were old and may have cracks in them. I actually moistened the hoses with some lubricant (can't remember if I used a drop or two of oil), and that actually made the CEL disappear for a few days (I didn't try to replace the hoses at that time because it was dark and late and I had no new hose to stick on). There are also a couple of solenoids or similar switches that are located on top of the cannister. I am going to try to replace the hoses soon, then if I have to, I'll figure out how to troubleshoot the electronic components (or just replace them.).
If anyone knows of long-term detriments to not fixing this CEL immediately , I'd like to know about them!
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