Oil light on and show running hot when it is. Not
Sounds like 2 different senders went bad, oil pressure sender and the temp sender, Have you done an actual oil pressure test with a manual gauge? And the same with the coolant temperature?
Rare to have 2 senders fail at the same time. I am more inclined to think it may be something common to both indicators. A short or damage to a loom, a bad ground, coffee splash on the Instrument panel. How do you know that the engine isn't running hot? Is it the oil light or a Red light with an engine symbol?
i do have a 80 mustang and the temp gauge didn't work also oil pressure gauge would drop the longer it ran had to replace both sensors.[this mustang also had a oil sending unit] first time i ever saw it on a car or truck. does your oil pressure gauge drop when you let it run?[spent a lot of time looking for a short but it was the gauges] hope this helps
should have also mentioned my 80 mustang and my 85 f150 both have a voltage regulator behind the instrument cluster. if voltage output isn't right will through gauges off.[think mine was supposed to be arround 5 volts output] was lucky same part for both years. no idea if you have a voltage regulator in yours. guess you could try looking up at a parts store website to see if your truck has one.
I would suggest anyone with a vehicle over seven years of age, or our of warranty, invest in a repair manual unique to their vehicle. It should include a wiring diagram which would show just what to check, the output voltage, which pins to check with the meter, etc.
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