What it does
An instrument voltage regulator or limiter is a device that takes in the 12 volts from the vehicles charging system and reduces that to supply approximately 5 volts to the gauges (water temperature. oil pressure, fuel level).

Why these exist
In the beginning all vehicles had 6 volt electrical systems and generaters. With the change to 12 volt systems and altenaters came a hurdle for the various engineers. While some chose to redesign the gauges to operate with the 12 volts, others chose to add a part (or 2) to reduce the 12 volts to approximately 5 volts.
How it works
Those mechanical regulators of yesterday actually worked quite well considering the technology available at that time. Their metal can housing contained a bouncing set of mechanical points and nichrome resistance wire coiled around a bimetal strip. Current flowing through the resistance wire generated heat which would bend the bimetal strip (actually the same components that cause a gauge needle to move). This movement causes the points to open and close resulting in lots of short 2.5 to 3.5 volt pulses of output current. As the points open and close an arc is produced which would cause a pop noise in the radio speakers. Thus a second part was added called a noise supression capasitor.

Their faults
First and formost is simple fact... Everything mechanical will wear out eventually. This design can malfunction and send less than enough or far too much power to the gauges.
Repair Options
Most styles of those original equipment mechanical regulators and limiters are still available somewhere at some price. Replacement gauges that operate on 12 volts are also available for some vehicles which deletes the need for a regulator or limiter. Now the DeMon Instrument Volage Regulator is also available.
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