1993 Ford Taurus

I am assuming that this is an automatic (not a manual SHO)... if its a manual SHO the answer will probably be "Clutch = ~$600"

For an automatic (even if it is an SHO):

First, make sure that there is transmission fluid in the transmission.

Start the car and let it come up to operating temperature. With the car in "Park," check the fluid level- there should be a yellow(?) or orange handled dipstick that says "Transmission" under the hood.

If it is just low, you can refill the tranny and see where you are... DO NOT overfill and DO use the type of transmission fluid called for in the owner's manual- mis-matching tranny fluid can cause huge issues.

If a refill gets you going, you then need to find out why the tranny is losing fluid (it shouldn't). A small leak can be dealt with by periodic refilling... I know real mechanics will disagree, but I can buy a lot $3 bottles of fluid before $1200 for a new tranny.

If there appears to be the correct amount of fluid on the dipstick, use a white cloth (or napkin, or kleenex) and wipe the fluid on it. The fluid should be dark red- and relatively transparent. Brown, black or cloudy transmission fluid is a sign that things have started to/already have gone wrong.

While no transmission fluid smells particularly good, burned transmission fluid smells TERRIBLE. If it smells like burned cauliflower in gym socks, its toast.

At this point, you would need to make the big walk to the bank, then the mechanic.

As you just bought the car, it is possible that the seller could have recently replaced all the fluids, so just checking fluid condition won't be as helpful. Additionally, if your tranny fluid and filter are not regularly serviced, waiting until 110k to do one of those "Transmission Flush-and-cleans" at the zippo-lube can actually do more harm than good.

Also- 110K may also be time for a timing belt/water pump, if the service records don't show that this has been taken care of.

Best of luck.