Norman, my service manual for '03-'04's says the "service limit is 20.85mm (0.82 in), but then goes on to say "if the measurement EXCEEDS the limit, the belt should be replaced". I assume they mean if the measurement is 20.85mm or less, replace the belt?
As measured (average across 6 measurements) 23.22mm.
I will put your data for service limit for your year in the How to.
Edit: Sorry Ted I did not answer your other point. Your assumption is correct the belt should be changed if it is at or below the specified width (Service Limit). In my manual there is all sorts of quaint phrasing - I suppose the translation into technical English from technical Japanese is responsible.
The high miler rider in my group of 400's will soon have 12K on his and we will be checking the valves again. Will be interesting to see what his belt measures, as well as the valves since his wasn't adjusted until we did it at 6K. Will let everyone know the results.
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