Lifecycle replacement is the planned replacement of infrastructure and equipment when it reaches the end of its useful life. Every municipal asset, from water pipes to fire trucks, has an expected lifespan after which it needs replacement. Effective asset management tracks the age and condition of infrastructure, estimates remaining useful life, and budgets for timely replacement before assets fail. Deferring lifecycle replacement may save money short-term but leads to service disruptions, emergency repairs, and higher total costs. Municipal asset management plans identify lifecycle replacement needs and inform long-term capital budgets, ensuring infrastructure remains reliable and services continue uninterrupted.