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There are a couple of reasons I can think of, though I'm not sure what the 'common wisdom' is.
- the glue and/or paper in the filter could start to deteriorate over time, either creating holes that dirt could pass through, or pieces of the filter media could break free and get sent to the engine. This could wreck your injectors at the very least.
- as the filter ages it becomes more and more full of contaminants, which effectively plug it up - ie: reduce the flow and increase the back pressure on the pump. Your fuel pump is working harder and will wear out more quickly. Also as a consequence the engine could be starved for fuel when flow requirements are high (ie: high load/rpm).
- the housing is metal and is susceptible to rust. As the housing ages it becomes more and more likely that it will perforate and leak (FWIW I don't think this is common).
that's just what came to mind quickly.
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1998 V70 AWD->FWD Turbo 200k+
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