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Speedometer on my '97 Grand Marquis

The speedometer and odometer stopped giving readings suddenly. I figured it was a broken cable. My mechanic says it is a $300 electronic item. I’ve traveled approximately 5000 miles (guess) without accurate measure of the miles and the speed at which they’ve been traveled. Is my mechanic right?

The speedometer is driven by the Vehicle Speed Sensor. However, if the VSS has failed, the Check Engine light should come on. If the Check Engine light isn’t on, then the problem is with the speedometer head itself.

Tester