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Stuck open: vehicle never warms up
Stuck closed: vehicle overheats

Replacement interval: only if it sticks open or sticks closed. Some people replace the thermostat when they are in replacing the water pump.
 
The thermostat is not that easy to get at, since you have to remove the serpentine belt and the alternator to get at it. If I were going to the trouble I would probably just replace it. I know when i flushed the coolant in my 2004 it was not 100% because I did not remove the thermostat.
 
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