Cars built in the mid 90's until now should have the sensors replaced every 100k miles. Just because the sensor is not working like it did when it was new doesn't mean it is going to throw a code immediately.As an oxygen sensor ages, contaminants from normal combustion and oil ash accumulate on the sensing element. This reduces the sensor's ability to respond quickly to changes in the air/fuel mixture. The sensor slows down and becomes "sluggish".
At the same time, the sensor's output voltage may not be as high as it once was, giving the false impression that the air/fuel mixture is leaner than it actually is. The result can be a richer-than-normal air/fuel mixture under various operating conditions that causes fuel consumption and emissions to rise.
The problem may not be noticed right away because the change in performance occurs gradually. But, over time, the situation will get worse, ultimately requiring the sensor to be replaced to restore peak engine performance.
Keeping the oxygen sensor fresh may improve fuel economy as much as 10%-15% (which can save $100 each year in fuel costs on average). Keeping the oxygen sensor in good operating condition will also minimize exhaust emissions, reduce the risk of costly damage to the catalytic converter and ensure peak engine performance (no surging or hesitating).
For these reasons, the oxygen sensor should be considered a "tune-up" replacement item just like spark plugs, especially on older vehicles (those built before the mid-1990s).