The 11.89 volts indicates the starter is not drawing any current, and since the voltage is still there at the cable on the starter, that proves the cable isn't the problem. That leaves the new starter as the problem. Just to be safe, move the voltmeter's ground wire to the engine block. That will include the negative battery cable in the test, but if it were the problem. I would expect you to hear a rapid clicking of the starter solenoid, not the single clunk you're getting.
Do you in fact have the little silver Nippendenso starter? They're common on the front-wheel-drive cars and minivans but I have seen them on trucks too. Because of their gear reduction, they are plenty strong enough to spin a small V-8 engine. If you have this starter, you might be able to lift the rubber cover to access the other large terminal after the solenoid. That one should get battery voltage when the solenoid engages. If you only find a volt or two there when you turn the ignition switch to "crank", (or 0 volts), you'll know for sure the solenoid is the problem.
Saturday, October 16th, 2010 AT 7:30 PM