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I just bought a '96 F-150 with the 300 I-6 with a 5-speed trans. It has 137,000 miles.
I'm getting a 420 code from the computer, which translates to:
Catalyst System Efficiency Below Threshold (Bank 1)
Before I go out and steal someone's cat, what are the most common causes for this code. (I've yet to do a tune up, plugs may be 2+ years old, according to notes I found in the OM)
There are no common causes, there is only one cause: a bad cat. In order for this code to set both O2 sensors must be working properly, so they can be rules out unless they have both failed and are both reading the same voltage.
They both have to work for this code to set, or they both have to be bad for this code to set. If they were bad you should have codes telling you about it.
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