I have a 2000 Ford Ranger xlt 4x4 & no reverse. ...never slipped & still has power. ...had diagnostic done, they said rear solenoid is bad. ...where is it located & approximately how much does it cost?

 

Rockauto is a great source for parts. I use them almost exclusively every chance I get. You'll find they're, a lot of times, cheaper than your local parts store; sometimes by several hundred dollars.

 

Welcome to the forum

I think you misunderstood what they said or take it to ANOTHER SHOP!!!

There is a Reverse Servo, which can be accessed by removing the pan

There is no Reverse solenoid

All automatics run on fluid pressure, and all automatics will shift into all gears even if all solenoids are unhooked.
Solenoids allow better MPG, smoother shifting and power management, but they can't disable transmission from going into gear

Pressure is your problem when there is no Reverse.
Reverse requires the highest pressure to engage, 175PSI, forward gears need 125psi
So if forward gears are working then no Reverse means there is a pressure leak OR the pressure is not getting to where it should be, to engage Reverse.

You will need to go into the transmission to see if Reverse Servo is the problem.