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I have a 97 f150 with a 4.6l and 152k miles on it. I check the oil every fill up and am now finding everyother fill up I am a quart low. I do not have any leaks and have allways run penz 10w40. I am assuming the rings are just wearing out. Any sugestions on what iI can do to prolong the engine life.
I assume that you have looked for leaks and found none. I would suggest that you replace the PCV if it hasn't been done lately and use a good part. Also inspect the PCV line to make sure there is no oil in it. Check the air filter box for oil as well. If you find nothing, you may consider moving to a CH or CI-4 oil such as Delo 400, Rotella T, Delvac 1300, etc. Most of these are available in 15w-40 viscosity which is the one I would use.
The seemingly slight difference between 10W-40 and 15W-40 can make a big difference in oil usage in an old engine. The BMW consumes three times as much 10W-40 Syntec as it did 15W-40 Delo. OHC engines pump a lot of oil into the valve area and worn intake gudes, stems or seals are probably it, not necessarily the rings.
Had a 4.6 in my 95 Tbird - oil usage in the cammer Fords is generally valve seals/guides.
To test (at least this worked on my 'Bird): let idle for a couple minutes when the engine is fully warmed up - then floor it and watch for blue smoke out the tailpipe. Or watch for the blue smoke when you start up cold in the morning - definite signs of valve seals/guides...