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I've got a '73 C6 in a Galaxie. I've noticed with this colder weather that when I shift into drive after starting the car for the first time of the day it takes about 3-4 seconds to engage lately. It might be weather related, but it was pretty warm today and it did it. Reverse takes no time at all. Once it goes into gear and I'm driving, the transmission shifts great and never slips. And once it's warm the transmission can go back and forth between drive and reverse in no time.
this could be weather related. try getting sea foam trans additive at you local auto parts. it will thin the fliud a little bit which could be the problem. if this doesnt fix it you may have internal seal leakage and it may take a few seconds to prime it enough to engage.
My 72 F250 (with a C6) can take several minutes before the transmission will engage in a forward gear.
A couple weeks back I spoke with a guy that has been rebuilding tranny's for more than 20 years. He said this is common issue with old ford transmissions. It is related to the internal seals shrinking up over time. When they heat up, they expand and you can engage in a forward gear.
There are additives you can buy at the local parts store that may help, but adding them will increase the risk that one of the seals completely fails. If one fails, then you will have no forward engagement.
If its only 3 to 4 seconds in cold weather, I wouldn't sweat it. Eventually though, you will probably need to rebuild it.
Any idea how fast these leaks progress? Does it get worse really gradually over time, or once it starts is it all of the sudden, bang, no forward gear?