Had the same problem just now (July 2010) with my 2003 Grand Caravan with just over 90K on it -- some notes:
Do the reset with the trip button with the car off (not running) -- I learned this the hard way.
Expect to see something like "5 of 5.0" suddenly appear in the odometer display area -- when this appears, you can let go of the trip button.
Another message shows up -- some sort of E code -- and then the entire dashboard lights up like a Christm, er, "Holiday" tree (got to be PC) as it goes through internal diagnostics and the needles go back and forth -- and when it's done the speedometer needle is now above the pin.
Press and hold the trip reset button until you get a code about 30 sec. Then release your gauges and lights should light up and gauges move around once it does its thing every thing should be back to normal.
Thanks to all that posted!! It worked just as reported above on my 2002 Caravan. Initiating the self-check function by holding the trip reset fixed my pegged speedometer in seconds. This really did save me a bunch of time, money and possibly speeding tickets!!!
Hold the trip odometer reset button in for about 10 seconds until the dash begins to go through what looks like a self test. This reset the speedometer needle for me
Worked perfect! Thanks so much for the answer....saved me a lot of time, frustration and money! It did take the full 30 seconds and not 10 like one of the answered suggested.
Yeah I ran to my car park and did the reset right away and within 30 second its start to work, you know what today I went to dealership they said hv to change speedo meter sensor which might cost over $250, I saved money and time, Thanks guys Rizvi
OK- those of us who are not inclined to understand the mechanics of a car develop many skills based on our human intuition. Is it possible that a speedometer really is not needed? Don't we usually follow traffic flow, regradless of the speed limit?
Try this experiment. When driving a vehicle that has a working speedometer, try to go the legal speed limit. After a minute or so, check the speedometer. You probably are within 2-3 miles of the correct limit. Women are particularly adept at this "speed perception". Can't we all tell when husbands, boyfriends or sons are exceeding the limit?
Should you insist on correcting this porblem, you have options. Check the owners manual that was included with you vehicle purchase. Check to see if it is still under warrently. Make an appointment with a trusted mechanic, although many computerized parts require a trip to the dealer. For some fun call in to Car Chat on National Public radio. You might get a few good laughs and a way to fiz your problem.
