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I think the indicator light only comes on after the speed is set. If the switch on the brake is stuck it will not set the speed.
3. Press the SET ACCEL control and release it. 4. Take your foot off the accelerator pedal. 5. The indicator light on the instrument cluster will turn on.
Hopefully you have replaced the Cruise Control Switch, as that was the switch on brake master cylinder that would short out.... burned up a lot of gas burners back years ago.
Probably could unplug and put a jumper on contacts, just to see if it works that way.
On my 2001, the cruise light does not illuminate till the cruise is set and actually regulating the speed. So when set for Cruise and I hit the brake, the light goes out, cruise stops, but the system is still on if I hit resume, or the set button.
I should've taken pics as they would help, but since I'm an X'er, I don't think about pics till after the fact 🤦♂️ On my new to me 00 Ex, I had no cruise, bought new CCS as there was a little seepage on it, no worky, then I followed the wiring, it had old recall wiring with fuse installed, fuse was all corroded, I'm guessing from the seepage from the CCS, had 2 of the recall wiring harness Ford mailed me years ago for some of my trucks I never put on, cleaned everything up, rplc'd it with new unused harness, viola. Just bought an 02 Ex for my BIL, same issue, and since he was driving it back to TX I used the last spare harness I had, CCS had been rplc'd recently by PO but not the harness, cleaned and swapped in new one, now it has cruise.
I wish I'd taken a pic of the Ford part # on it for you, the CCS was about $65 I think from Napa, I suggest doing that with new harness/fuse setup.
And yes, unlike the newer cars, the CC light doesn't come on until the cruise is actually set, since I also have my 02 F350 7.3, I'm used to that, but some folks with newer cars don't know that.