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Hi there, today while I was driving home from school I had to make a somewhat hard stop, and as soon as I had slowed down I looked at my guages and saw the "Check engine" light on. So when I got home I ran the diagnostics and got a code 28 (Rear main Oxygen sensor). SO, what Im wondering is:
1.) How important is it that I fix this?
2.) Can I just get one of those $50 dummy O2 sensors?
3.) What exactly does the rear O2 sensor do?
4.) What should I do ?
There is a high probability that you SHOULD replace it. The right thing to do is to follow the complete procedure in the shop manual to determine with 100% certainty that it is the sensor and not something else. You may want to try to clear the code and see how long it takes to come back on. I found that it would clear on my car and come back after "spirited driving."
That said, it is highly likely that the O2 sensor has gone bad as these things happen over time - I just replaced one of my O2 sensors a few months ago. If you ignore the problem, you run the following risks:
1) There really is a problem, and you could be damaging you engine.
2) There is no "real" problem now, but if you do encounter a problem you will not have a warning and do damage to your engine, or WORSE something else goes wrong and you have no idea because your check engine light is "normally" on.
If you need to wait a few days because it is an inconvenient time to get it done it very well may be worth the risk - what I did. But, if you are asking "should I ever bother to fix this, or let it go an extended time" the answer is NO. This is a Lexus, not a Yugo, these cars are worth maintaining properly.