Notes -
If you have a RENIX (1984-1990 w/AMC gasoline engine,) do not get a "universal" sensor - it won't work. The RENIX uses a variable resistance, and the universal (and nearly all OEM sensors) generate a variable voltage. Get the OEM - Bosch, Borg/Warner, and ACDelco all work well.
If you're not comfortable with your stripping/crimping skills, get the sensor with the connector already in place. It's worth it to not have to pull the damn thing out and reterminate two or three times...
Theoretically, the service life of the typical HEGO sensor is 75-80Kmiles. In practise, they can go much farther than that - I've seen them do 150Kmiles before they failed. I'd replace it when fuel economy starts to suffer, or when you start seeing elevated HC/CO on your emissions report (indicating rich fuel trim.)
And "points" (more properly, "breaker points,") are cam-actuated contacts that are found in pre-1974 domestic vehicle distributors. The igniton coil needs to be connected to voltage to saturate - disconnect the voltage source, and the magnetic field in the coil collapses, fires the secondary, and you get a spark. The breaker points interrupted the voltage to the coil to cause it to spark.
That function is now done by a solid-state module. The vacuum advance that used to be found on the distributor is also now an electronic function, among other things.
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