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Before you spring for an alternator, check for a loose/slipping belt and
clean up the battery posts and cable ends, including grounds. Pay attention to the
crimp-on cable ends that can get corroded and resistive.
The D+ wire to the alternator needs to be solid too.
12.3 volts sounds too low for the battery, It should be 12.6, can you check with another meter? If the starter spins fine, maybe the meter is off? This will
throw a curve ball at diagnosing electrical issues.
You can check the specific gravity of the electrolyte in each cell to see if
your battery is in old age and nearing retirement time.
Does the truck have a separate voltage regulator? or built in VR module?
Look at that before replacing the alternator.
Happy holidays, Bill
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