There can be two problems. First is if
the pump and such is working OK and you just have an ABS problem. In this
case, only the ABS light would be on. You should have regular power brakes
if this were the case.
Second case is if there is a problem with
the boost in the system. In this case, both the ABS and brake
warning lights are on as you describe. The system is not building enough
pressure as the ABS operates at a very high pressure. You won't lose the
brakes, but you will notice VERY hard pedal with a lot of pressure is needed to
stop the car. In the early stages, the lights may come on then go out as
pressure builds.
The Bendix 10 ABS system has a lifetime
recall on the pump and another part or two. However, expect to pay a
diagnostic charge each time if something else is found wrong.
As for driving the car, just prepare
yourself for the lack of boost assist. The same feeling as if the engine
were off on any power brake car. Leave lots of space in front of you just
to be safe. And consider a conversion as Brad has mentioned in the back of
your mind if necessary.
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