Just bought an SVX
 

Last week I bought a SVX. Its a '92 black over pearl white with the touring package. So far I love it. Only thing that doesn't work is the radio but I will replace that soon anyway. The only thing I am worried about is the ABS light on the dash is always on. Is it supposed to be on or is there a something wrong with it?

No, it's not.
 

No, it should shut off after a few seconds once the engine is running. Others can give more insight. If other lights come on that don't make sense it could mean the alternator is acting up, but right now it sounds like the ABS needs looking at (fuse, reset, etc...)

A also own a '92 LS-L 145,000 miles

Welcome to the site Brent. This is the place to find out information like that. I am sorry that I can not help you on this one, but some others might be able to give you some ideas. :)

Welcome to the asylum. Check out the ABS diagnostic in the how-to locker to identify the fault. ;)

My ABS light stays on from time to time, I mean I know im putting on a few extra pounds, but when my car starts telling me about it, its time to go on a diet. :)

Anywho, seriously my light does come on and stay on from time to time. I know that my problem is my rotors and pads sticking a little, I would fix it but I dont really have the cash right now. Check your rotors and pads, either on your own or by a friend. I took mine to pep boys to have them look at my rotors, and they told me my entire ABS controller needed to be replaced which is complete BS.

If the ABS light is staying on you have a problem with the ABS and it's not your rotors or pads. Although they may be an additional problem. ;)