I just recently got this car and it threw a CEL p0500 which comes out to be a VSS malfunction. Changed the sensor and the code still pops up, no VTEC either. Gauge cluster reads fine but the car hits a brick wall at 7000rpm...

Any ideas?

 

Speedometer works, along with cruise control also if that helps.

 

If you just got the car, inspect it for a device called a yellow box. This may be causing your problem.

The ground wire on the back of the cylinder head is also directly responsible for VSS issues.

 

Ground on the back of the cylinder head looks and feels intact.

Is there a possibility that the VSS signal isn't getting to the ECU?

 

Another possibility is an improper "top down while moving mod" done to the car.

Plug a scan tool in, and see if the VSS comes up on the scanner.