Question: Why are legacy aircraft fuel gauges notoriously inaccurate?
Answer: It is the combination of multiple things—corrosion, latency, and time.
There is always trace amounts of moisture in fuel, and it produces compounds that are corrosive. While most of the aircraft is aluminum (which is lighter and less susceptible to corrosion), steel is used in specific applications (such as older fuel senders) because of its conductive qualities and low cost.
