Here is the definition of the code.
You replaced the sensor which is the easiest thing to do, now you will have to troubleshoot the circuit back to the computer. Note the reference to the combo meter in the circuit. You may want to research this online.
P0500 TOYOTA Description
The vehicle speed sensor outputs a 4 pulse signal for every
revolution of the rotor shaft, which is rotated by the transmission
output shaft via the driven gear. After this signal is converted into a
more precise rectangular waveform by the waveform shaping circuit inside
the combination meter, it is then transmitted to the Engine Control
Module (
ECM). The
ECM determines the vehicle speed based on the frequency of these pulse signals.
Read more:
http://engine-codes.com/p0500_toyota.html#ixzz27h3FhFu6
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