My speedo has stopped working and the engine light has come on - the temp gauge is fine so I'm not sure if the two things are connected. I've only had the car for a day so I'll be pretty miffed if I have to haul it in for a full service - hoping there might be a an alternative trick or two I can try first?
Common problem is the Mass Air Flow sensor. Go to your local auto parts store and get a spray solvent to spray right past the air filter. This will sometimes correct the engine light. Otherwise you may have to replace the MAF. Do not replace the Catalytic Converter or the O2 sesors. Some mechanics may try to do this, as it is generally the problem on other vehicles. However, on this model Corolla, it is generally not the case.
The oil light is a low pressure warning. Either you need more oil, or a new oil pump.
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The way I see you have temperature problem. Toyota use two temp.sensors. One for you gauge and one for the computer. If the sensor is bad will tell the computer temp.of -40°F. The injectors will spray to much fuel and flut the engine. Using advance scan tool monitor the live data if the computer sensor rise the temp.wile engine running.
low on coolant - steam going across the sensor instead of coolant will give a false reading. bad temp gauge sensor or a bad gauge and also does it go straight to hot as soon as you start the car when it is cold like first thing in the morning or does it gradually start climbing and will it run hotter or cooler when ac is on or when stopped or going down the road. let me know and give more info hope this helped.
Find the temperature sensor(usually around the thermostat housing)'disconnect connector and ground it with a test light. Observe the inside gauge. It should slowly go up. If so, change sensor. Do the same for the fuel gauge located on the fuel tank. If gauge move to fill as you groung the sending unit wire, change sending unit. Test the right wire. Ask for further assistance.