Hey, Im new to the forums. I was getting a 92 ranger but when i drove it I noticed the oil preusse guage was erretic. Is this somthing major ? or is the sensor busted?

 

You won't know until you check the pressure with a reliable mechanical guage.

 

If the oil sensor is good and you have oil pressue as previously suggested using a mechanical gauge then you're ok. If however the same occurs with a mechanical gauge, then it may be an oil pump. To change it requires pulling the engine. To have it done probably about $800-1,000. Then you also consider changing the clutch and timing belt too. That adds more.

 

I had an erratic oil pressure gauge on a truck I bought in Michigan and drove home. 5 minutes from home, after a 4 hour drive, the oil pressure gauge started going crazy. It finally dropped to 0. I replaced the pressure switch and still had no pressure. I'm glad I shut it off instead of driving the last 2 miles.

Either buy a mechanical gauge, or buy a new pressure switch. The switch is cheaper but the gauge will hopefully eliminate any electrical issues that might be wrong with the gauge on the dash. If it doesnt show a pressure, then I'd say its your pump.