Its a ball valve that takes the place of the oil drain plug. Get the one with the nipple for a hose and it make for the easiest or neatest oil changes. You can also add a spring clip to keep the lever in position. I threaded the nipple on mine and keep a bolt screwed in for a little insurance (not my orig. idea). Very nice esp. if you have the skid plate/oil trap.
I changed it out on mine at the first oil change. It does raise the drain level because it sticks in the pan a bit. I usually put mine up on ramps when I change anyway. I change the oil frequently more cheap insurance. IMO
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