P0503 Caterham 21 is triggered when the bank 1 camshaft position sensor doesn't match the signal from the crankshaft position sensor. The spark should have a light tan color. If the sensor probe comes with white and chalky parts, this means it has been lagging between switching phases, and should be replaced.
Possible Causes :
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Oxygen sensors signal the engine management computer the amount of oxygen present in the exhaust, which is used in determining and controlling the fuel ratio. With the valve disconnected, the red voltmeter lead should be attached to the IMRC valve power wire and the black voltmeter lead connected to ground. If you find a related TSB, the information will often help in diagnosing the code in question as TSBs are crested from many thousands of repairs.
Diagnostic trouble code P0503 Caterham 21 is not difficult to diagnose and repair. Thus, it always pays to have a qualified technician to look after your vehicle should this error code arise.
Diagnosing this code requires the engine to be in good running shape, without unmetered air entering the engine. If other codes that relates to misfiring condition, lean running or air entering the engine is present, then you must first fix those error codes before P0503 Caterham 21.
Fortunately, P0503 Caterham 21 is a fairly common OBD code, meaning that it applies to all makes and models of vehicles made after 1996.