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For your 2006 Chevy Colorado, you should use Dexron VI transmission fluid, with a capacity of 5 quarts. Chevy recommends changing the transmission fluid every 50,000 miles to prevent metal shavings and contaminants from damaging your transmission, ultimately reducing its lifespan. Make sure to check the transmission fluid level regularly between services. Running low on transmission fluid can lead to improper shifting or no shifting at all. To check the transmission fluid, warm up the engine, have it running in park, and pull out the transmission dipstick.
You can utilize synthetic 20w dexron vi for your 2006 Chevy Colorado to either flush the transmission or replenish its fluid.