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I just had this happen too!
I had the same problem..... my 1995 7.3 PSD with automatic transmission would occasionally not start..... same as you described. I'd turn the key, and nothing..... then a few moments later, I'd try again, and it'd start. I was pretty sure it was the Transmission Range Switch that needed adjustment so I adjusted it, but the problem still occurred randomly. Then, the problem started to get progressively worse. I was ready to put in a new starter, thinking the solenoid was on the starter. Before I did that, I put a tester on the switched line that goes to the starter, and discovered that the ignition switched wire wasn't getting 12V when the key was turned to "START". Then I googled "Powerstroke Starter Solenoid", and learned that there is also one on the PS side fender. Before I did anything else, I tested that solenoid, and sure enough, that was the problem. I bought a new one for $24 at O'Reilly Auto Parts and put it in last night, which seems to have taken care of the problem!
My symptoms were identical to yours, and I bet your solution is going to be the same as mine! Test the starter solenoid with a 12V tester (don't be fooled if it is still clicking - mine was clicking, but wasn't closing the contacts!) to see if the power is passing through to the wire that goes to the starter motor
Hope it helps!
1995 CCLB 2WD 7.3PSD E4OD, 4.10 DRW 155K Miles
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