Slow down, pardner...
It slips. Got it.
low fluid and/or poor fluid condition can cause a slip, so before you start shopping for a new transmission...
Check the fluid level. Minimum 20 minutes of driving, find a dead-level spot, leave it idling in park and pull the dipstick, wipe it clean on a white paper towel. re-insert and check the level. Check the paper towel and dipstick for color/condition.
If the level is off, correct it.
Personally, I would do a fluid cooler line exchange (the Gibbons method), easily done, get the kit from IPD and buy a case of Toyota T-IV at your local Toyota dealer. (Mobil 3309 on Amazon is another good bet).
With clean fluid at the proper level, if you've still got slipping, then, and not before, it's time to consider mechanical repair...
Current Fleet:
2016 Tundra Crewmax 4WD 1794
2005 MB S600 (126K, Michelin AS4, HPL 0W40)
2005 MB SL600 (55K Michelin AS4, Mobil 1 0W40)
2004 V70R (143K, six speed M66, HPL 5W40)
2004 XC90 (235K, HPL 0W30 Euro)
2002 V70-XC (295K, HPL 0W30 Euro)
2002 V70-T5 (225K, IPD bars, Bilsteins)
2001 V70-T5 (125K, IPD downpipe, cat back and other mods)
1932 Packard Sedan (straight 8, dual sidemounts, original paint and interior, Shell Rotella 15W40)
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