The above procedure for testing the Lambda is correct. I have done the voltage test in the past using a standard digital multimeter on the milli volt range and probing the back of the lamda plug using a paperclip & a small crocodile clip to hold the probe in place to it. However that test doesn't reveal whether the heating element is intact within the Lambda sensor . That is a common failure within them. The OBD diagnostic test using even a cheap ebay scanner from £13 will be useful to you both now and in the future on other cars too, however spend a bit more on it so that you can also read ABS faults and Airbag faults .Ok..So As I'm a mech by trade I'd get a bit techi and test the O2 sensor output voltage. Either via a scanner/code reader that's live data capable, or by a digital multi meter back probing the sensor multiplug and picking up the sensors output voltage.Your looking for a contantly altering reading between 0.2-0.8 volts with the engine idling on.... the grey wire I believe....from a distant memory?!
If your cars running rich you'll be seeing 0.8v constantly. If when you rev up the engine ,on overrun the voltage reading should go to 0.2v(or go lean).
If the O2 sensors knackered it will be unresponsive to throttle movements, or just be hanging around 0.8v.
Other causes of rich mixture include a dodgy coolant temp sensor, maybe an air mass sensor, though the later isn't common .
To get a reading of 5.3% CO , the plugs will be black and it's extremely likely to be the items I originally listed . There is also the possibility of leaking fuel injectors causing it to run rich ,although that is rare which could be causing the over fuelling. It needs to be scanned to diagnose correctly which is what I advised earlier.
Can you confirm that the temperature gauge on the dash sits in the middle when warmed up?
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