GPH1

The ECT PWR dashboard light on my 98 GS300 has been flashing on and off with monotonous regularity for the last week. Just got back from the local dealers who have diagnosed a faulty 'No 3 shift solenoid' (error code po763) in the gearbox. The cost of the part is 240 quid with another 600-odd for labour. They also say that they may find other problems when they've got the gearbox out so it could be even more than the quoted all in cost of £878! The problem is that there are no other symptoms, the car is running really well, all I've got is an irritating flashing light and £878 is a lot of money to fix that! Obviously I don't want to take any chances with the gearbox but does anyone know what this solenoid actually does? If I don't get it fixed is the gearbox going to suddenly pack up on me? Any help/advice gratefully received

The ECT PWR dashboard light on my 98 GS300 has been flashing on and off with monotonous regularity for the last week. Just got back from the local dealers who have diagnosed a faulty 'No 3 shift solenoid' in the gearbox. The cost of the part is 240 quid with another 600-odd for labour. They also say that they may find other problems when they've got the gearbox out so it could be even more than the quoted all in cost of £878! The problem is that there are no other symptoms, the car is running really well, all I've got is an irritating flashing light and £878 is a lot of money to fix that! Obviously I don't want to take any chances with the gearbox but does anyone know what this solenoid actually does? If I don't get it fixed is the gearbox going to suddenly pack up on me? Any help/advice gratefully received