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So When to Change Your Oil

"The oil life monitoring system in a Corvette isn't simply keeping track of the miles driven, though that is one factor taken into consideration.  Other variables used in the calculation that determines when the oil should be changed include total engine revolutions, engine-coolent temperature, idling time, engine loads and ignition cycles.  All of the data, which is already being collected by sensors in the car for the normal function of the engine, drivetrain, emissions and other systems is put into a complex algorithm that then determines when the oil is approaching the end of its effective life and should therefore be changed."  

He goes on"...Assumimg you are using oil full synthetic such as the Mobil 1 oil that came in your Corvette you can easily go 7,500 miles between changes,  You can even extend that to 10,000 miles if your car is running properly, doesn't run abnormally hot, isn't being used in a filthy enfironment and isn't driven hard...."...Here comes the kicker..."...Alternatively, for those who don't drive more than a couple thousand miles per year, or even less than that, it's ok to change the oil at time rather than mileage intervals.  Some people change their oil once a year while others go longer, changing it every two or even three years.  With a late model car that gets synthetic oil, runs clean and and cool and isn't driven hard or often, you will not hurt anything  by extending your oil changing intervals to two or even three years."

Excerpted from Corvette Magazine's Tech Nerd