My gas gauge is pretty accurate. I think there is a decent amount of gas left when you hit E, but thats not that abnormal. I'd look into it being some other issue.
I highly recommend basic maintenance and going over things like the EGR passages, making sure your heat blows hot (no plugged heater core), making sure the lines to your throttle body aren't plugged up, cleaning out and/or replacing the PCV valve, shifter linkage bushings, and the obvious wear items like plugs, distributor cap, etc.
I'd also highly recommend a compression test. These cars tend to be neglected by their thrifty owners and it isn't super uncommon for the engine to be rebuilt by the mileage you have already. My engine is a hair under 130k miles and it is down to 130 psi per cylinder (195 is the spec I believe). I'm really curious how much efficiency I'm loosing due to that.
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