1994 E420 Engine Oil Gauge Shows No Pressure

Hi all,
I was test driving an 1994 E420 at a used car dealer the other day and noticed that the engine oil gauge's indicator did not move at all during drive nor idling. When I checked the engine oil using dip stick
it showed presence of adequite amount of oil. The car ran all right other than that. Is this a serious problem? What's involved in fixing it and rough estimate on costs? Thanks in advance,
Mark
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Not serious as long as engine does have oil pressure. Probably a defective sending unit. Easy fix, not too much money, somewhere in the $200 range including labor. ___________________________________________

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Keep in mind the problem may be as simple as the oil filter bypass valv defective. Mind you, if so you should still read a _some_ pressure via your gauge. when this happend to me, my gauge when the engine was cold would typically come up to about 1/4 to 1/2 max.
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