something to check or think about before you junk it.
1, is everything else working properly and in good shape? If so it's probably worth the mileage as a beater car. more miles probably won't depreciate the cares it out any more than it already is. i usually have 1 beater car to save the miles off our good cars.
2, 10W-30 probably won't help much because when warm both 5W30 and 10W30 behave like 30 weight.
3, some sensors and switches just go bad with time. some are bad to begin with. I'd either put in another Ford oil sensor or get a good one like an Elchin from napa $25 is WAY cheaper than a new car or even 1 payment.
4, is the car running right? if the idle is a bit lower than normal the RPMs may not be enough on the high mileage car. I have a car that sometimes (not all the time) when idleing at a stop sign/light will make the oil light flicker. if i put it in neutral the light immediately goes off with just that slight increase in engine RPMs.
5, again is the car running right? is it running rich and you're getting fuel in the oil and the oil may be diluted? that could cause low oil pressure too.
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