My guess is. There is a wire under the tank that runs to the tank switch....the wire itself is somewhat short. If the old owner is anything like I am and lazy, instead of unhooking that wire when removing the tank to work on the carbs, or just simply check the air filter....he has sometime or another, just lifted the tank and spun it around to sit it on the seat while he worked under it. When he did so, he jerked the wires and either broke one inside the insulation, or just pulled it loose from the plug. I did it to mine several times, after splicing it a few times, I got out the solder gun, and fabricated me a whole new wire...about foot longer than the old one!! But on several occasions, I have removed the tank to work under it, and after reinstalling the tank the Low fuel light didn´t function. Its just a matter of looking to see what has happened to the wire. I would just suggest pulling the wire and inspecting it for pull out or breakage. happy ace´in!!!
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