No not at all. ABS issues will not leave you on the side of the road stranded, will not cause your engine any problems. When the ABS light comes on, it basically deactivates your anti lock brake system, giving you the same brakes we had back in the day before technology came into cars. You will not notice a loss in stopping power and your brakes will not be affected. Before the light, if you were to slam on your breaks, your tires would lock up for a split second then release, then lock, then release, keeping you from going into an uncontrollable slide. Now if you slam on the brakes, they will lock up and stay locked up until you ease your foot off the brake pedal....don't slam on the brakes. :-) Not saying you shouldn't get it fixed because it is a good safety feature to have for those who do panic and stand on the brakes. But you don't have to make it a top priority fix if budget doesn't allow for it.
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