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FWIW, I have 12,000 miles on my 5 year old C-5 belt, and it still looks OK and runs quietly. However, I just had to replace the belt on my Z-28 a couple of days ago. The car is 10 years old, with 63,000 miles. I've replaced it at least once before, however it just started squealing when I would turn on the a/c. There are no cracks, or any visible damage, but it just lost "traction".
It's really dependant on a number of variables; millage, damage, heat etc. A belt needs to be inspected on an annual bases. Any visual damage; cracking or brittleness is a good indication that its time to change. Another substance that causes them to deteriorate is ethylene glycol. Leeks in the system that come in contact with belts also causes them to degrade over time and accelerating their replacement.