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Drive Belt

Can anyone tell me what the life span is on the drive belts? I was inspecting the condition of ours on a B&S Global and noticed the waviness on the Y axis belt as you can see in the attached photo.
The build date is 2005 putting it at 17 years old. Not sure what happens when they let go but I'm thinking it's cheaper to replace now then have a failure cause more damage later.

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