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I just bought this 02Z just before the winter. About the first time out a couple weeks ago the antilock lite came on,I shut it down and it went away for a few days then came on again. I tried shutting it down again but it wouldn't go away this time the active handeling and traction control warning flashed on the readout.A friend with a code reader said it was the right front wheel antilock sensor.Any help woud be appreciated I know almost nothing about what makes this vette tick. Can I erase the fault after I get the antilock sensor repaired?
It will erase itself if you repair the problem. On a C5 you can check every code on the car by using the DIC no need to get a code reader. To use the DIC turn on the ignition without starting the car and then while holding the Options button push the fuel button 4 times and the car will go into its On Board Diagnostic mode and show you how every subsystem on the car is doing. Replacing the sensor requires replacing the wheel bearing as they are all one part so you may want to check a few things before just throwing a bearing at the car.
Start by pulling the wheel and checking the speed sensor connector from the wheel bearing to the harness. Check it for corrosion and pin contact. You can also plug some DVM leads into the connector from the sensor and then spin the bearing and check to see if you can get a AC voltage reading. If you do the sensor probably is good.
Then you need to check the connections at the EBCM to see if the signal is getting to it. Clean the ground at G108 which is co located with G104 under the battery.
These things get you started on the process of eliminating the low cost probable causes first. The problem could be any of these, the bearing or the EBCM which is the most expensive part to replace.