Is yours a V8? if so it's a screw in sensor with a plastic cap that a two wire plug attaches to. It is located right next to the alternator and the straight support that attaches to the alt.
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Depending on where you buy it from they run $15-22 bucks. Also, don't forget to reset your CPU to get rid of the code.
2006 Mustang GT Premium RedFire. CAI, SLP Loudmouth, SCT Progammer, 5 speed manual trans. My other car is a CORVETTE!