Yes, I was also going to say you can probably get by without a buying a scope.
If you don't have one, you can buy a DMM [digital multimeter] for $5 at Harbor
Freight in the US, and measure the voltage coming out of the sensor. If it's
pulses, it will probably read on the VAC scale, if analog, then on the VDC scale
will little reading on the VAC scale.
Also, I don't see how you get 5V on a 12V auto system, unless the power comes
from the ECU computer. I would make sure it's not >5V before connecting the
signal to Arduino. If the signal is a 5V pulse like P_G says, you should be able to
measure the basic properties using the Arduino pulsein() function.