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This is a typical voltage regulator, which can be found on the back of Mustang instrument panels. Twelve volts enter and approximately five volts exit to provide regulated instrument voltage. When instruments stop working, most of the time it's a faulty voltage regulator. Word to the wise is to use a genuine Motorcraft voltage regulator because some aftermarket replacements have proven troublesome. Trouble-free, solid-state voltage regulators are also available.