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The synthetic oil will give you more miles between oil changes but will cost a tad more. Honda Oil is mfg by Mobile 1 Good Idea to use the Honda Brand it is what your car was born with.Considering the cost of disposal and the mess usually involved not to mention your time is worth something you can build a great relationship with your dealer by getting the oil changed there. The trained techs will also be in a better position to notice things that may be out of the ordinary
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Follow the manual. You can switch back and forth it won't matter. The pros with synthetic is it gives you almost twice the life of regular oil, the cons are in can reek havoc on your seals and gaskets. I would say stick with 5W-30 every 3k miles.
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It depends. Regular oil usually goes about 3000 miles before changes, synthetic-blend goes about 5000 and synthetic can go up to 15000. Usually you want to start with regular for new cars (helps break in the engine) and then upgrade, but if you upgrade, dont change back to regular; it's just kind of the rule of thumb.
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I also own an 03 Element and use synthetic oil in all my vehicles. Synthetic has a few more advantages over other oils including, better fuel economy and engine efficiency by reducing friction. As mentioned by other people, synthetics cost more. However, if you have your vehicle serviced at a garage or dealership, you can bring your own oil. I recommend buying Mobil 1 5w20 synthetic in a 5 quart jug from Wal-Mart or any other retailer (cheaper than quarts). Advise the service writer that you have your own oil and you want it used instead of theirs. They should comply with this request. If they don't, you don't want them working on your car anyways. Last thing, if your Element has a lot of miles on it, I don't recommend switching at this time. Less than 50,000, okay switch...More than that, stay with what you are doing. Your engine has become accustomed to certain tolerances with petroleum based oils and should not be changed. If you switch, stay with synthetic, don't go back. Your service intervals for oil change should be every 10,000 miles with synthetic. So, it costs more, but you don't need to change it as much. The costs balance themselves. I hope this helps you.
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