The tell tail is on the hub and drum. a sensor at each location. you will see the one that is bad. it will be burnt. the speedometer does not have anything to do with it. it is a separate problem. most cause of speedometer problem is at transmission.
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VSS is the Vehicle Speed Sensor; newer vehicles no longer have a speedometer cable, the speedometer is electronic and receives a signal from the VSS located on the transmission. No signal from the VSS will set a code, cause the speedometer to malfunction and interfer with the ABS system.
It probably only needs a new VSS (vehicle speed sensor). Since the ABS uses the wheel speed and vehicle speed to determine ABS operaton, is makes sense that the ABS light is on if the VSS failed. The computer also uses the VSS to operate your speedometer.
The speed sensor will be about $40-70 for a manual transmission and about $70 for the automatic transmission. You'll find the speed sensor in the transmission near the CV axles. It is likely you'll be able to reach it yourself and that'll save you money and a trip to the shop.
If your speedometer is not working, that means your Vehicle Speed Sensor or VSS for short, needs to be replaced. The ABS light means your ABS sensors need to be replaced. There are 4 ABS sensors: Front driver's side, Rear driver's side, Front passengers side, and Rear passenger's side. Once you replace your VSS, it will start communicating with your transmission again, and the speedometer will kick in. Hope this helps.
Usually the ABS computer knows what it is doing. You may want someone to hookup a scanner to the ABS test port.
When I had my speedometer and odometer act up, it turned out to be a bad alternator. You might want to check yours.
does your cruise control work? If not, check the wiring from the VSS to the speedo cluster. Check VSS connector closely for pin pudhout or corrosion
Sometimes, the VSS siganl is converted by the instrument cluster and sent to the PCM and speedo.
Check engine light on?
The electronic speedometer (17255) receives a speed signal from the vehicle speed sensor (VSS) (9E731). This sensor is also used to sense vehicle speed for the engine management system and to regulate the cruise control when equipped.
Vehicle Speed Sensor
The Vehicle Speed Sensor (VSS) (Figure 53) is a variable reluctance or Hall-effect type sensor that generates a waveform with a frequency that is proportional to the speed of the vehicle. If the vehicle is moving at a relatively low velocity, the sensor produces a signal with a low frequency. As the vehicle velocity increases, the sensor generates a signal with a higher frequency. The PCM uses the frequency signal generated by the VSS (and other inputs) to control such parameters as fuel injection, ignition control, transmission/transaxle shift scheduling and torque converter clutch scheduling.
I had the same problem with ABS light and speedometer, I was told that it is the transmission control module. It has not yet stopped shifting but I have had times where it just wont stay running. It will start and then stall. Hope this helps.