Resistivity ρ values of a lubricating oil are repeatedly determined at a predetermined temperature (range) as it is in use in a working mechanism such as a vehicle engine. Such accumulated properties over operating time of the working lubricant can be plotted graphically to display a curve with, for example, a first portion where dρ/dt>0, a maximum ρmax at a time t1 where dρ/dt=0, a second portion where dρ/dt<0, a minimum ρmin at a time t2 where dρ/dt again is zero, and a third portion where dρ/dt>0. Furthermore, there can exist another time t3, where dρ/dt exhibits a discontinuous change (increase) with time. Characteristics of the ρ vs. t curve, including, the values of t1, t2, t3, ρmax, ρmin, and the ratio ρmax/ρmin can be compared with like data on like lubricant oils in estimating the remaining useful life of the present operating lubricant oil.