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Thank you all for your advices and info. Finally went with penrite hpr 5 in 5w40 and the K&N hp3001 filter. The drained oil was black as. Glad I did the change now. The car seems to be running smoother already.
While I was down there, I saw droplets of a red liquid that i assume is transmission fluid. I have yet to trace the source of the leak but the liquid seems to have been everywhere at the bottom of the engine. I tried to get a level reading on the dipstick but whatever the method i can not verify anything accurately. Can i just top the trans reservoir with fresh fluid while i wait for a big service?
Also, my power steering always felt stiff at start up. I assumed it was just because it was cold and had no pressure in the system. But after checking the level yesterday and putting the cap back on, the stifness is gone. I did not like the color of the fluid though. What color is it usually?
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Red, the same as Auto trans fluid, if you park your vehicle on level ground and at first startup, while trans is cold, run the stick up and down the gears a few times.
Then remove dipstick (with trans in Park or Neutral and engine idling properly, not on choke) clean, dip dipstick in and out, don't leave it sit, should give correct reading. Too much oil can cause problems so don't go topping up unless you are certain of the fluid level, 5w-40 is a bit thin IMO, but to each his own, Regards Frank.