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It helps dampen vibrations and harmonics put out by the engine (also known as a harmonic dampener). It helps to keep things balanced and vibrations minimal as to extend engine life.
There are aftermarket ones which supposedly perform better at absorbing vibrations tho I have never had any experience with them. I would recommend checking the rubber on your old one and making sure its not cracking or creeping out. It should be a solid even bead all the way around. Being that its that old tho I would be tempted to just replace it and save the worries.
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