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P0500 means that the vehicles speed as read by the Vehicle Speed Sensor (VSS) is not being measured properly. Most likely either the Vehicle Speed Sensor (VSS) is not working properly or there is a malfunctioning wire leading to the Vehicle Speed Sensor (VSS). You might notice a loss of anti-lock braking capability, the speedometer might not be working, or your automatic transmission might behave erratically.

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Q: What is a P500 OBD2 code?
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