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If not taken care of in proper time, your oxygen sensor can cause other other problems like premature failure of your catalytic converter, increasing the total you will spend with the next repair. With the prices of gas as high as they are, keeping your oxygen sensor up to date, or replacing it when it's time, will save you hundreds of dollars each year just in fuel costs.
The typical time to replace an oxygen sensor for vehicles made from the late mid 1970s to about 1990 is about every 30,000 to 45,000 miles. For the newer makes and models, get your oxygen sensor checked about every 80,000 to 100,000 miles. If your check engine light comes on, have your mechanic check the oxygen sensors when you take your car in.