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It would be affecting your MPG readings if you don't have an SG or MPGuino, b/c the speedo controls the odometer.
If you want to correct it, you'll have to change tire sizes. The problem is that most vehicles come equipped with a "margin of error" on the gauges.
If you notice that it's CONSTANTLY 3-4 MPH off, you can correct it by moving the needle. If it's a sweeping correction though (1mph at 20, 2mph at 30, 3mph at 40, etc.) You can only correct it by adjusting gearing and etc.
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