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Mine was the transducer for the cruise control. Both cables were OK, but instead of a re-built transducer I cheaped out and bought a cable for a non cc car.
Is the odometer still turning miles? If so, the cable is fine and you have a problem in the speedo.
As SH-60B mentioned, if you have cruise control then your transducer may be defective and again as mentioned by SH, you can bypass this if you run the same cable for a car without cruise control. If you have cruise and disconnect the upper cable from the transducer, run it up with a drill and see if the speedometer works this way. If the speedo works, then you have eliminated the speedo and move to the transducer or lower cable.
The non cruise control cable is one long cable from speedometer to the transmission.
Other things that could cause this problem would be the speedo cables themselves, and a gear problem in the transmission.
Guys, I will have to check to see if the odom is still working. I do have CC, and want to retain its function, so it sounds like a new transducer will be required if its bad?
It probably is the transducer, if the odometer is not working then as I said it is something between the speedo and transmission. I can rebuild this for you, but I can not do it on an exchange basis. It only takes us two days turn around time and it will look and function like brand new. Here is the link: http://willcoxcorvette.com/product_i...ducts_id=12661
Just be aware that sometimes when the transducer goes bad and locks up, it takes the lower cable or speedo driven gear with it. Just take the lower cable loose and see if it is broken while you are troubleshooting.
You can disconnect the upper speedo cable at the transducer and turn it with a drill (I think in reverse) to check that cable and the speedometer. If that end is ok you can do the same thing at the transmission end to verify the problem is either the transducer (most likely) or the lower cable. If the whole upper and lower cable/transducer assy works ok you have a bad gear in the transmission.