I read about someone who put a few magnets inside the paper filter housing of the stock oil filter. However, my primary concern was that pieces of the magnet would erode and get into the oil, the whole point is to keep metal out of the oil.
I think placing magnets outside the filter is a better/safer solution. I used some computer hard drive magnets attached with tape and a pipe clamp, which worked very well. I know have a FilterMag after I found one that had been mispriced.
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1999 Ocean Blue Metallic Boxster - blueboxster.com
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