by 
The Curious Bag
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Few things strike fear in a car owner's heart like seeing the "Check Engine" light come on. This flashing light can appear for a variety of reasons, some of which have simple fixes.
Identification
The "Check Engine" light is located on the dashboard amid other electrically lit signage, including the oil symbol and, in some car models, the red seat belt sign. In most instances, the "Check Engine" light flashes to a bright orange or yellow color when it comes on.
Significance
This light signifies that something is amiss in your vehicle. The causes may vary, and the light is simply an indicator to get things checked out under the hood.
Possible Causes
A flashing "Check Engine" light could indicate problems in the engine, such as misfiring or a damaged piston. It can also be something as simple as a loose or damaged gas cap. Additional causes include excessive engine loads, excessive speeds and loss of power.
Misconceptions
The "Check Engine" light does not automatically mean your engine is shot (or well on its way); it could be a simple problem elsewhere on the car triggering the light to flash.
Warning
If you ignore the light, you may end up with serious vehicle complications. Anytime this light flashes, get the car to a mechanic to be checked out at your next opportunity.
Source:
Consumer Reports: What to Do If the "Check Engine" Light Goes On
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