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It depends, how old is it, do you ride in the rain? 16k isn't bad. The real question though is what happened to the enclosed chaincase on your bike, those chains lasted forever.
the bearing frozed up on me and rung the axle into, messed the rim up so i changed it over, a lot easier and cheaper, had a few problems with that rear setup and got reid of that headache
They did make changing the rear tire a pain but, I ran my '02 Tour Glide 27,000 miles with no problems, rarely even had to adjust the chain.
On your bike, you may need a chain but, I would try to lubricate it first. The purpose of the O rings is to keep the factory lube in. It also keeps your lube out so the chain may have to be replaced anyway.
Recent chains have an O ring rubber seal at each end of each roller and are lubed on the inside. Older chains had to be lubed from the outside, in the hope some of it gets to the inside of the rollers!
On the other hand, if you are having a bit of fun, it's an endless rubber neck-chain.....
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