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That light is for the emergency parking brake. It's to let you know that the brake is still engaged. If you don't use the brake or if it's fully disengaged, to your knowledge, it could mean one of two things. The first it, that the brake is not fully disengaged and is partially hung up, which would wear your brakes faster and also cause you to drive slower with the same force you would usually. You might feel that slightly. The other is that the sensor for the parking brake is faulty and needs to be replaced. Either way, the price for them both would be possibly $150-$300 for repair in my estimation.

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