My 2005 Honda Civic EX engine light came on when I was on the freeway. Immediately afterward I found that I couldn't get the car to excelorate. The rmp's would go up to 5/6 while my speed was declining. The CHP tow informed me that it may be a transmission issue, but I have to problem driving the care at 40miles and below. I don't see myself needing a new transmission for 2005 vehicle, do I need to replace my transmission?

You need to get it into a qualified mechanic to find out what's wrong... then you ARE going to have to fix whatever that is.

YOU don't know what's really wrong, and neither does that cop. Until the cars computer is checked for what error code tripped the Check engine light... and the problem is diagnosed, nobody can be sure what it really is.

Attach a code reader to the data link connector, located under the dash. Based on the codes stored in the PCM, it will send you in a certain direction.

It may be something as simple as replacing a Variable Speed Sensor (VSS), located on top of the transmission.

Definitely get it to a good shop and have it checked out, you could have a bad solenoid that isn't delivering enough fulid to the cltch packs, hard to say without a proper diagnosis.