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The clock spring is what is used to transfer the power and signals between the column and the controls on the top of the steering wheel. This includes the Airbag, Cruise Control and Horn.
When it breaks, normally everything on the steering wheel stops working and the Air Bag light will come on and stay on.
We had one break on a Dodge Caravan which were apparently breakin by the hunderds of thousands.
Since it is under the Air Bag, it can be tricky to replace (dangerous too)... Labor and parts normally put it at about $220+ (Tis was the Caravan's price, I don't know about Ford).
We got lucky in that Dodge was forced to issue a recall on them... and got it fixed for free.
In my opinion, it is a safety hazard when broken since not only does the Air bag not work, but you have no Horn to go with it.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.