I've had my '94 5.0 for about a month and today when I was shifting into 3rd there was a loud crack/scrape noise and the V-8 power is now gone and it seems like the car is a V-6. What happened and how much will it cost to fix? It's still running, but has a hard time going faster than 60 and it's definitely not running like the 5.0 V-8 that it is.
My guess is busted pistons? I'm not sure cause I don't know much about engines.
If it was busted pistons, it wouldn't be running and would be spewing fluids from everywhere it could. Won't know what happened till you get into it.
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I suggest you run a compression test.Post the numbers up and we will go from there.
x2.
Most likely reason is broken piston ring lands caused by detonation. If you accidentally overrevved the engine while shifting, you could have floated the valves resulting in bent valves/dented pistons.