For financial reasons, I never used to bother with changing my shoes immediately after 500 miles, and often change them because the upper is well worn out with holes because of my big bunion-like toes!
Recently I bought a new pair and was alternating with the old holey pair in time to wear the new shoes for a half marathon. Was wearing the new pair solely for a couple of months before the race. After the race, I decided to go back to my old pair, and after 3 consecutive short runs, I started with knee pain that didn't go away after a week which was unusual for me. Thought I had to give it running for good as my knees have had it! However, the old shoes had clocked 497 miles, and I blamed the shoes, in the bin they went!
Thankfully, knee has fully recovered, and I'm now watching my shoe mileage very carefully, and in the midst of looking for another pair!