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They do go bad. I just had two go out on my car at 35K but I also track and autocross the car so I am amazed they lasted this long. Fronts are a lot easier to replace than the rears. Luckily, I have the GMPP plan so I didn't worry about getting them replaced.
Even if you do the work yourself it is going to cost you at least $200 for the bearing. If you get the bearings from GM they will run about 3 times that amount.
You should check all of the bearings as more than one can be going bad. You can tell by weaving the car back and forth while running down the highway (with no other cars around). If you weave left you should hear your right rear bearing and if you weave right you may hear one of the left side bearings.
Or the opposite if you already have a noise, correct? Or simply restated, swerve right and the noise goes away for a moment... then one on the right side is bad. Vice versa.
I finally heard a possible bearing issue a few nights ago on my '99 when going around a sweeping freeway interchange thats fairly tight. Heard a slight growl or something sound out there but couldn't tell whether it was front or back. I'm sure they are due at 293K miles on the car at this time. %99 of those miles are freeway, therefore I assume they last a lot longer than someone who drives mountains and performance events.
Was that a typo? You really have that many miles on it??!?
LOL, nope, no typo. It really has 293,000 on it. I took a picture of the odometer with my cell phone, but didn't transfer the pic to post. Will wait till it gets to 300K then post.