I just purchased a new dryer that has a 4 prong/blade plug. My home is older and the installed receptacle is only 3 prong. I thought it best to try to replace the old 3-slot wall receptacle with a new 4-slot. The three wires inside the old receptacle are black, white and bare copper. I see wiring diagrams for a new receptacle calling for 4 wires (black, white, red and green). The new receptacle plug has slots labeled as white, ground, X and Y. What are my options?

Since you have a 3 wire circuit and receptacle, you may leave it, but then need to change the 4 wire cord to a 3 wire.

The 3 wire system has the white neutral and the green equipment ground connected together at the dryer terminal block.

New dryer circuits must be 4 wire, the neutral and equipment ground are separate conductors and not connected at the dryer.

3 wire dryer circuits are not allowed any longer, but existing may remain.

It would be best if you can change the 3 wire to a 4 wire circuit. If not practical, you need to only change the cord on the dryer from 4 to 3 wire, and connect the neutral and ground at the dryer.

Thanks for the help. I suspected that I would have to tackle a job bigger than what I really wanted. Looks like it might be time to bite the bullet and have some of my home wiring updated.