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A generic code reader will not be able to see most of the sensors on the Powerstrokes much less read the vehicle specific DTC's. Your going to have to increase your budget considerably to get a scan tool that will work with the 7.3 and most here use the autoenginuity unit with the Ford enhanced package available from ITP Diesel.
Alan, will that AE setup also work with my newly acquired 2003 V10? I've been wondering through that issue over the weekend, because my oldest son is getting ready to get (most likely) a '99 7.3L F250/F350. I want, if possible, to get a single unit that I can use on all three of the vehicles (my '02 F250 7.3, his truck, and my '03 V10 in the Ex).