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The problem with your gas gauge could be the sender. The one on my 1978 has gone bad; gauge is correct when the tank is totally full and totally empty; the rest of the time (between 1 gal and 14 gal) it's in the middle. Kind of like a stopped clock being right twice a day. This REALLY became a problem when the odometer went out; up till then, we'd been simply refilling the tank every 200 miles. Now we just sort of guess; good thing it's not our primary transportation.
Anyway, I'm almost certain the trouble with my car is the sender. Problem: it's in the fuel tank, and I've been told it's very expensive and hard to find a new one. I got adventerious and tried to pull one off a junkyard car. Was such a nightmare getting into the tank, and I had to cut so many fuel lines/jiggle the fuel pump so much, I decided I'd rather live with the problem than risk blowing myself up trying to do this procedure on my own car (junkyard cars, fortunately, had their tanks trained).
Bottom line for you: don't overlook the sender. My general experience with cars - Volvos and otherwise - is that when a gauge is malfunctioning, the problem is almost always the sender to that gauge. The 1989 fuel gauge sender might be easier to replace than the 1978. I'd look into it.
As for the clock light: I have that same little clock as yours in my 1984. This may sound like a dumb question, but are you sure the light bulb itself isn't burned out?
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