I decided to try an experiment and run my car (1987 Plymouth Caravelle) for 20,000 miles on the same oil. Of course I used the best oil I could find: Mobil Delvac 1 (synthetic/5W-40/diesel oil). I then got an oil analysis to see what kind of results I got, and I think it looks good:
4 quarts + 1 quart makeup oil
14 aluminum
4 chromium
45 iron
8 copper
13 lead
4 tin
------
62 molybdenum
2 nickel
1 manganese
0 silver
0 titanium
4 potassium
-------
3193 calcium
312 magnesium
1123 phosphorus
1638 zinc
0 barium
89.0 SUS viscosity (should be 65-78)
<0.5% fuel
4 quarts + 1 quart makeup oil
14 aluminum
4 chromium
45 iron
8 copper
13 lead
4 tin
------
62 molybdenum
2 nickel
1 manganese
0 silver
0 titanium
4 potassium
-------
3193 calcium
312 magnesium
1123 phosphorus
1638 zinc
0 barium
89.0 SUS viscosity (should be 65-78)
<0.5% fuel