Final answer:
The statement is false; checking oil and fluid levels should be done much more frequently than once a year for vehicle maintenance and to prevent engine damage.
Step-by-step explanation:
The statement 'It's important to check your oil and fluid levels only once a year' is false. Regular maintenance of a vehicle, including checking oil and fluid levels, is crucial for ensuring the car runs smoothly and to prevent potential damage to the engine and other components. Car manufacturers often recommend checking the oil level every time you fill up the gas tank or at least once a month, and before any long trips. Fluids that should be checked regularly include engine oil, transmission fluid, brake fluid, antifreeze/coolant, power steering fluid, and windshield washer fluid. These checks can extend the life of your vehicle and save you money on repairs.