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Cost-benefit of replacing transmission 700 1989

I have a 1989 740GL with about 190k on it. This winter the transmission just started showing signs of slipping. Before replacing the transmission (if needed), I want to ensure that the overall condition of the engine will make the expense of doing so worthwhile.

Besides pulling the plugs and checking for oil, deposits, etc., and maybe a basic compression check, any other general things I should check? I heard there is a tool to check oil pressure coming out of the engine but I called several auto parts stores with no luck. Also, I was told that if the plugs look good, a compression check may not really be necessary.

Am I on the right track? Looking for suggestions....

Thanks






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