It's in limp in mode , have it checked for codes . Is the engine light lit ?
https://www.youtube.com/watch?v=mrRpaDkpOgY&t=1s
SOURCE: i have a 97 dodge
What is happening is the car is putting itself into limp in mode. It's detecting something isn't right with the transmission electronics. It's designed for the owner to only drive it up 45 MPH to get it to a repair facility. A good repair shop with a scanner will be able to tell you what sensor is acting up on it. Usually it's a sensor and is very easily replaced.
SOURCE: 2003 dodge neon accelaeration
i had a problem like this turned out i had a broken mounting stopping accelerater cable from turning full circuit could be worth checking
SOURCE: My 97 Saturn SL2 won't go past 30 mph. Even with
I guess my first question would be - are you saying it is slipping in 3rd gear ? If you push the gas pedal to the floor it should downshift into a lower gear.
If it is slipping, or not upshifting into 3rd gear, I'm afraid chances are the transmission is toast.
You can take it to a couple of shops for estimates but they will probably want to pull the pan and take a look inside.
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