The “engine hours” display is there because the truck detects the key presence as you were thinking.
My first step would be to call a dealer service person and ask if this a known issue and how they deal with it. If you don’t get meaningful advice there, i would try a couple of DIY things before bringing it in for troubleshooting/repair.
It sounds like a mechanical key detection switch is stuck, but I have not actually seen what the internals look like. Maybe spray some Caig Deoxit (electrical contact cleaner) in the key hole and work the key in and out in case it’s an electrical contact cleanliness issue. If that doesn’t work, next apply whatever lubricant GM recommends and work the key in and out a few times.
Good luck with it.
Carbon on valves would be the least of my worries on a light duty, 1500-series pickup with 357k provided the engine still ran halfway decently. Everything else is likely toast, on its way out, or has already been mauled to death by cheap mechanics and backyard fixes. Those kinds of trucks nickel and dime a guy to death.
I wouldn't think having the top end cleaned once or twice would be a big deal on a 5.3 but maybe it is?
When I had a Bumper subscription for a few days when I needed to run title histories on cars I was looking at, I decided to look up a few of my old/past vehicles.
My 2015 Silverado was still actively registered and it last sold in 2024 with 160k on the clock. No idea if that's on the original engine but someone's keeping it on the road or the original AFM stuff is still going.
It used 0w20. I remember feeding it Mobil 0w20 AFE for the first 30k of its life on <5k OCI's.
Edit: Just did a nationwide search on Autotrader for 2015-2025 Silverados with 5.3's and sorted by highest mileage first.
357k
352k
292k
291k
290k
277k
271k
268k
266k
259k
256k
High mileage on a modern 5.3 doesn't seem all that uncommon, but that's just searching mostly dealer ads on Autotrader. FB Marketplace has all kinds of high mileage 5.3's going back to 2007
I can't say I have ever heard of someone getting that type of mileage out of a set of tires even though they rotated on a regular basis but without a doubt if the front end gets wear and those tires are no longer able to track straight it scrubs them off, and driving style and road surface make a huge difference as well.
However that is not what prompted me to comment as it was the new tire theme of sitting in storage waiting to be used scenario. I am sure some tires can last for quite a while in storage if its not too warm and out of the sunlight but unfortunately some tires the way they their rubber compound is formulated they can age and dry out even in a reasonably decent storage location. My brother ran into this maybe three years ago when he was looking at the tires that were on his dually truck and a combination of wear on the rear ones and noticing that the front tires had some cracks around the sidewall of the tire not far from the bead but he had replaced only the front ones not long ago with 2 of the remaining 6 he had left from the initial two sets of takeoffs he had all bought at the same time .... 10 years ago ! ( the years fly by, a truck that only gets used a bit to haul a camper during the summer and sits in a shed for a large part of the year ). That second set of 6 tires, two he had put on the front prior like I said and they had very little wear but those cracks were now present. So we go into the shed where the other 4 tires had been stored all this time and every one of them had the same cracks in the sidewalls and so in the end it amounted to throwing away 6 brand new but 10 year old takeoff tires into the dump that he got a deal on at a tire shop because they aged out. They were a Ford factory equipment BFG tire and those tires did not age well compared to some tires I've seen far older then that and did not show that type of aging. True, they always say up here anyway that 7 years is sort of a limit for age by rights, we don't have the intense prolonged heat that many of you have down in the states that just cook tires and depends on where the vehicle sits when not in use. GB, another words maybe had you bought a set of tires to store it would have been fine as long as you used them up fast enough but there are no guarantees when it comes to rubber, tires or of that other type stored in some guys wallets 😆
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