Actually getting the engine up to operating temperature can be the real challenge. I forgot to add that the engine itself is subject to significant direct air cooling via air moving through the engine bay. This is particularly true when the coolant in the radiator circuit is cold.
The other point to note is that the temperature gauge is usually mounted in the cylinder head-which is one of the hottest parts of the engine-and the first to warm up. The actual engine block typically lags behind the head in terms of engine warm up.
I've got a couple of SAE papers buried somewhere where they tested a 2.0 petrol engine held at constant low throttle setting from a 20C cold start. The thermostat opened after about 8 minutes, but the oil temperature took 20 minutes to stabalise at 'correct' operating temperature. A diesel engine would probably never reach operating temperature under these conditions.
You're right though, once up to operating temperature, the termal mass is huge and the temperature will be fairly stable.
This is all of rather academic interest since there is not much a driver can do about it-apart from worry! I do partially block off the front grill and air vents in winter though. Ugly as sin but it does help with the warm up.
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