So brake light keeps coming on and brakes are find. Turns out the parking brake has rusted out and will not ‘disengage’ if used. Any affordable way to fix this issue?
If you keep driving like this, you will burn up the rear brakes. you can cut the cable by the rear brakes to release the tension. then have the cable replaced.
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That depends on your definition of “affordable”. Yours probably differs from mine.
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Where did you find them?
Hopefully, you didn’t find them sitting on the pavement. 
Seriously, however, a parking brake is a very important component of your car, both as a way of preventing the vehicle from rolling away when parked, and also as a back-up emergency braking system.
Only you can decide whether the repair costs on a 25 year old vehicle are worthwhile.
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Get under the car and liberally spray PB Blaster or similar to the cable, E brake levers and tap the lever back into release position.
Apply E brakes and repeat until the the E brakes smoothly release and then apply silicone grease to the cable.
If this doesn’t work then take it to a competant mechanic.
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