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I just bought an 89 f 150 for $950 with 125,000 miles.There are some issues that need to be fixed. First of all, when you start it up, it idles at about 1500 rpms, and i think it should be at about 900 rpms. What factors could lead to such the high idling rpms?
I would like to talk about another issue. First of all, the guy i bought it from hadnt used it very much in the past 2 or 3 years, so it sat for long periods of time. When we took it out on the highway, the check engine lights came on, one of them was yellow and flashing, and the other one was red. the yellow one wich said "check engine" flashed in 3 flash periods. Im thinking it is a bad sensor but would like some more input on it, because the coolant levels and oil levels are fine, and it doesnt leak any fluids.
That should get you started..also, while your under there..check for obvious things, like vacuum lines hanging, obvious "modifications" to the emmisions parts or vacuum lines and wiring..vacuum is a good place to start looking at the idle being high..check your plug condition, cap rotor, wires etc..the basics now can cure a lot of headaches later.
High idle could be a stuck throttle plate or cable, or gummed up idle air control valve.. cylinder on the side of throttle body. It could also result from an intake gasket leak or a major vacuum leak. Normal idle speed warmed up is 650-750rpm, but cold idle on the SD trucks.. which is what you have, is 1000rpm or so settling back after about 30 seconds.