Could be the mag wheels, take one off and compare it with a spoked wheel. I own a Puch Cobra with spoked wheels and it's pretty light, so was the Maxi II I used to own but I never weighed it. If you want better gas mileage you can take your carbs main needle out and move the circlip up a notch. Up to lean, down to richen. Put a new plug in and check it after riding to make sure your not running too lean. You could have a fuel leak, dragging brake, bad wheel bearing, worn out and dry chain, or your engine could be just plain worn out.
Re: gas gauge?
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