Help! This problem has been going on for quite some time.

My oil gauge fluctuates a lot and is often in the red, even AFTER i just added oil. After I've been driving my car for 10-15 minutes, especially if it'* hot outside, the gauge goes all the way down and my car WILL NOT STOP dinging! "ding ding ding ding ding...." always! My car does indeed leak oil, but I'm afraid that it will cost too much to repair, so instead I just add oil every few days. The car runs smoothly, however, and my oil is almost always kept full, so I don't know why the gauge says I need more.

Is my oil gauge broken? Should I just have it disconnected so it will stop dinging really loudly every time I drive?

Thanks in advance for your suggestions!

edit:: I have a 1995 bonneville [basic model... not sure specifically which one, it'* not written anywhere that I could find?] ... :? No, there is not a supercharger.

What is your year and trim level?

trim level is if your car is an SE, SLE, SSE or SSEi ... you should also mention if you have a supercharger or not.

Take a look under the car, at the backside of the oil pan (passenger side, black pan under motor) there'll be a 3-4 inch thing sticking straight out toward the back of the car with two wires on it....right near/above the oil filter. Is this soaked? This is your oil pressure sending unit.

Okay, thank you, I will definitely check that tomorrow. If it is indeed soaked... is that a bad thing? Should I get that replaced then?