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I have a 90 F150 with a 302 in it. I am getting what looks like a white goo in the oil filler neck and dip stick. I also noticed it always has condinsation forming on the top of the oil filler cap. I changed the oil today and it looked fine. My coolant was low too. I'm wondering if my head gasket is just starting to go or is it something else like throttle body or something. Any ideas?? Thanks in advance!!
It sounds like it could be the head gasket (or a cracked head) If it were just build up on the filler neck it would possibly be condensation but if you're seeing it on the dipstick as well, then that's a sign of a deeper problem. Keep an eye on the dipstsick with that fresh oil in there, and if you see any sign of water again, stop driving it immediately. The water mixed with oil can form an acid that eats away bearings in a hurry, and you could wind up going into the bottom end as well as doing the heads.
You might want to have the cooling system pressure tested. There's a little hand pump that mounts to the radiator filler in place of the cap and you pump it up wuile watching the gauge, then stop and see if it holds that pressure or begins to drop. With the engine off you can easily hear it hissing out, sometimes you'll see a stream squirting if there's an external leak. Since you suspect a head gasket, I'd pull the plugs and listen at the end of hose with the other end stuck in each plug hole (Although reading the plugs themselves may narrow it down for you.)
To buy a tester is about 60 bucks, you may be able to rent one however or have a radiator shop test it for you.
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