If you have a cooking thermometer and an ohm meter, you can test the sensor for coolant temp vs resistance reaction, rather than spring the $'s on a new one that "might" fix the problem.
The temp vs resistance graph is printed in many of the repair manuals, or it may also appear in the 700/900 FAQ's on this site.
Oh, look what I found:
32F (0C)-- about 6000 ohms within a range of +/- 10%
68F(20C) -- about 2300 ohms
104F(40C) -- about 1300 ohms
140F(60C) -- about 600 ohms
176F(80C) -- about 300 ohms
212F -- about 190 ohms
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