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BUY A CHEBBY??? LOL either your clutch is slipping or the transmission is slipping. IF it is an auto, check the fluid.

could be a clogged catalytic converter

clogged fuel filter/pump?

I had the same problem with my 94 Thunderbird LX 4.6L(V8). You are going to need to replace your EGR valve. The EGR valve is blocked therefore the car cannot breath. The EGR valve price is pretty fair, if you go to an auto parts store. The valve ran me about $40. Now if you are going to put it on yourself you need 24 or 26 in. wenrch to get around the pipe it is counnected to.

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Q: How do you fix a 1994 Ford Thunderbird that will not go over 40 mph?
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