One problem related to crankshaft position sensor has been reported for the 2004 Chevrolet Colorado. The most recently reported issues are listed below. Please also check out the statistics and reliability analysis of the 2004 Chevrolet Colorado based on all problems reported for the 2004 Colorado.
Chevrolet has a known ignition system defect since March 2009. My 2004 Chevrolet Colorado intermittently does not start and then starts on the second try. Chevrolet's document: "#pip4575b: intermittent click no crank or brief crank no crank with dtcs - possible crank sensor - keywords bqmi - (Mar 11, 2009)" explains the defect. I took my Colorado in for service on 04-05-12 because it was not starting at all. They advised me the ignition cylinder was "not reading the key" properly. They replaced the ignition cylinder and reprogrammed a new key. This repair did not correct the intermittent no crank problem but did bring the problem back to the state where it would start on the second attempt following a no crank occurrence. I am convinced the initial ignition defect was the eventual cause of the complete failure of the ignition to start the vehicle. I believe this could be a safety issue on the vehicles affected by the intermittent no crank problem. If one of these vehicles stalled out, the possibility the vehicle could fail to start immediately, could cause an accident. Even though Chevrolet claimed the problem was under investigation, there has been no notification of any fix for the problem that I know of. I would also note that Chevrolet is charging customers for diagnostic testing and ignition cylinder replacement even though they have know of this defect since 2009. However, replacing the ignition cylinder and reprogramming a new key is not correcting the original "no crank" ignition defect.