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There is a plastic gear in the speedometer that eventually breaks on mechanical speedometers called an odometer drive gear. This will involve removing the speedometer from the instrument cluster in the dash.
Fords in that era are notorious for broken plastic gears in the assembly. If the Speedometer works and the odometer works but the trip odometer does not work, you can still have a broken or stripped plastic gear. They are very small and cost about $25 but they are a pain to replace. You can send your cluster off to have it repaired by a reputable shop. Just Google instrument cluster repair.
Probably need to replace the dash cluster that contains the odometer mechanism. The speed, or mph is controlled by a cable from transmission to the dash cluster. The odometer or miles put on the car runs off the cable through a series of small gears behind the cluster. There maybe a broken plastic gear or something has falling off the car behind the cluster (like a screw or nut) and has caused a blockage on the small gears.
A broken cable will have neither the odometer or the speedometer working. If your speedometer is working, then the odometer gears in the dash have stripped or come loose, and should be replaced. If the cable needs replacing, pull the cluster out of the dash and unclip the cable end from the speedometer, and unscrew the bottom fitting of cable from the transaxle.
You have a broken odometer gear wheel which is very delicate and hard to change it cost less than fifty bucks but it will take a volvo expert one hour or more to change if your not volvo acquinted dont attempt to fix it.you will mess the dash board
If the speedometer is working but not the odometer it's in the speedometer it's self. replacing the speedometer cluster is the easiest their available on ebay or your local salvage yard.
what happens is the trip odometer wears and sticks, theres a small motor on a circuit board with a plastic sun gear, inside the speedometer housing. it drives both the odometer and the trip odo
the teeth strip off the sun gear and odometer stops.
Check the gear very carefully that goes on the end at the transmission.It is plastic,and retained with a metal spring clip.The plastic can become "applecored" where as it doesnt make contact with the drive teeth on the transmission output shaft.If the gear is in order,the speedo cable operates correctly,and checks out ok,then it is likely a bad speedo head in the dash.Later model Ford trucks all used a PSOM (programmable,speedomoeter,odometer module) that was known to be somewhat problematic,but i think your year Ford is too early to have a PSOM.