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whats a magnetic drain plug?
 

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I use the maganetic drain plug on all my motor vehicles. If u see lots of metal shavings on it when u drain the oil it can help u prevent a major event from happening. I have never had any shavings on any of my cars, but i use one on a high performace offshore boat. It has in my opinion saved me from major outdrive failures, twice all it took to solve the problems was making sure a bolt was at the correct torque on the top cap. So couple of dollars saved me 15k. Hope this helps
 

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Magnets on the filter or on the oil pan near the oil pick up will probably do a better job since they're in the oil flow path. The strength of the magnetic field drops off rapidly with distance so there's not a whole lot of pull once you get over a couple inches away.

If you've got an old hard drive you can take apart, there's some extremely strong neodymium magnets in there, just watch out for your fingers when you're playing with them.
 

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Sort of off topic, but has anyone tried those oil drain valves? Its a valve that replaced the drain plug, and you can open close it with a wrench.

Sort of like this one: http://www.fumotousa.com/faq.htm
I have one but have not installed it yet. Note that I know of at least one person that had the valve accidentally open on them so I wouldn't recommend one without using an optional spring clip to prevent accidental opening.

On one of my cars I'm using a Fram Sure Drain system which seems to work well. The oil will drain slightly slower due to the smaller opening but it's slightly offset by the siphoning effect of the drain tube.

With either valve you will not be able to drain as much oil as when using the stock drain bolt due to the valve threads extending slightly into the pan.
 
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