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My question is: I recently purchased a 1997 f-150 with a 4.6l engine. When I went to change the oil, I noticed a creme colored slime under the oil filler cap.
What is it? and is it a sign of a major or minor problem?
It seems to run fine otherwise. It has 116,000 miles on it.
The number one thing ... It's condensation, from driving stop n go without warming the engine up to normal operating temp and running it to get rid of the moisture buildup in the crank case. Wipe it off, change the oil a few times, at regular intervals, running the engine until it's fully warmed up .. and it will clean itself out in due time. It shouldn't really be a biggie.
I seriously doubt it's anything else. Just check the water now and then and check the oil to make sure it isn't getting fuller ( with water ) and your truck should be fine.
Why does your one mile commute not surprise me? Just as racerguy said, short hops that do not get the engine to operating temperature will do this, most especially in the Winter.
Since you are doing short hops, you need to be changing your oil according to the calenar, not the odometer. Change it every 3 months and drain it after the engine is up to operating temperature. It typically takes about 17 miles of driving to reach operating temperature.
When you drive these short hops and it doesn't get up to operating temp, the moisture and acids do not get boiled out of the crankcase.
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