My horse has been working well in it and still is for a year now when should I replace it with a new one of the same type or do you not need to replace bits regularly?
If it's a metal bit then as long as all the joints seem OK there's no need to replace. If it's rubber or plastic, if there are visible signs of wear then it should be replaced.
Check it for sharp edges or damage - if not then crack on. I have bits in my collection that are 35 years old and I would use in the right circumstances