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You can locate the speed sensor in your 2007 Chevy Equinox inside the wheel hub assembly. Look for wires connected to a light green connector. At the other end, there is a plastic barrel secured with just one screw. Replacing it would cost around $37, and you can easily do it yourself to avoid high labor expenses. Some indications of a failing speed sensor include the ABS light turning on or your ABS not functioning properly. Additionally, you may notice the traction control light coming on and a lack of traction control.
That little gadget there is specifically for measuring the speed of the wheel, not for the overall speed of the vehicle.
The speed sensor on a 2007 Chevy Equinox can be found attached to the wheel assembly.