So what is it? Red "light"?

You folks like puzzles: :)

I have one of these red items on my car...which I thought was something odd that a prior owner installed. Doesn't seem to do anything. Then I'm cruising the interwebs and see another 64 Valiant with the same item attached just under-dash.

Red (I'm calling it a light?). It is not a button, does not depress.
The red plastic portion is about 1/2 inch in diameter
The chrome ring is approximately 1/4 inch wide.

So what is it? I was thinking courtesy light of some sort but the position on the end of the dash on my car makes little sense.

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