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It is supposed to mean that the alternator output is low.
If you have access to a VOM (Volt-ohm meter), measure across your battery terminals (meter set on DC volts)
With engine off you should read 12 + volts
With the engine running you should read almost 14 volts, this indicates good output from the alternator.
Does the light flicker or go out at higher rpm's ?
found out it meant that my alternator was currently sh!tt!ng the bed (low output). Car was fine if i started it at least once a week and drove it around....must have dumped enough juice into the batt to keep it more or less charged....but anyway....thats what it was....alt going bad.
A good battery will recharge itself after a while due to the electro chemical process taking place inside of it, but if you drive the car a lot the battery will not be able to keep up with the demand and it will eventually leave you stranded.
The red light also means that the diodes are defective. I drove my '81 for 12 years with the red light on. It wasn't very bright in fact during the day you could hardly see that the light was lite. I purchased a new chrome 100 amp and problem was solved. I took the old alt to Kragen's to be tested and it passed with flying colors. Defective diodes must be.
Bill
I think the alternator is original so diodes could be why. What's funny is that this 25 year old alternator is running strong and fine yet my '94 firebird's alternator died after only 10 years.
Maybe I'll get a stray hair one of these days and replace it for piece of mind.