What is your tow bar rated at? How heavy is your tow car? How many miles towing? Were you ever in an accident? Is it severely rusted if steel or corroded if Al? Have you ever disassembled it to clean it and inspect the locking mechanism? As an example, mine is the steel Demco bar rated at 10,000 lbs or more and my tow car weighs 2400 lbs. I have towed over 80,000 miles and have disassembled and cleaned it twice in 12 years and there is no abnormal wear or work hardening. I will keep it until something fails on it. As Wayne described in his strength of materials post as long as the material is not stress beyond its "elastic limit" you won't have a problem.