How serious is it when the amber ABS light will not go out after restarting a 1997 Jaguar XK8 convertible?

I just had this happen to me. What the dealer (bad choice) told me was that the ABS simply will not work. This is a problem in wet or snowy conditions with the P Zero's. Otherwise it is like driving a 1975 Pinto (Just a joke I love my XK8). The bad news is that the problem is probably the ABS sensor and with diagnosics, new parts and labor, the dealer wants close to $1,000. Bummer. Jerome I had this happen to my 1997 XK8 and solved the problem myself. If you remove the wheels you will notice a sensor located behind the brake calibur. It takes a 8mm socket and rachet wrench to remove the assembly. The sensor is round and has three tiny metal strips. These metal strips become dirty and a simple wipe of the rag is all you really need to clean the sensor. Replace the assembly and you are good to go. The sensor is located behind all four wheels. Hope this helps.