Duffy1

I have a 2006 GT V8, with 49000 miles. When i check the oil cold it shows about 1/2 quart low. When i let it run for a while it reads only about 1/4'' on the stick. Is this right?

Nuke

Yes, assuming you're talking 1/4 low hot. Oil, like any other fluid, will expand when hot. As far as level is concerned, ANYWHERE between the low and high lines (or dots, depending on your dipstick) is fine. There's no need to top-off to the top line.

If you mean it reads BELOW the low level line when hot, then NO, that's not right.