The electrical impedance of things such as motors and transformers will remain approximately constant over the life of the equipment, though if you look closely enough you are certain to see changes.
In terms of the design of the electrical installation (circuit size, short circuit current, switch ratings, etc.) these changes in impedance can be ignored.
Examining these subtle changes in impedance can have significant value for preventative maintenance.
A concrete example would be the change in contact resistance of a terminal caused by repeated expansion and contraction of the various parts, this expansion and contraction caused by changing temperature as load is applied and removed. This very small contact resistance makes up only a small portion of the entire circuit impedance, and is ignored from a design point of view. But if you look at the voltage drop across such a contact when under load, you can detect and correct problems before they become serious.
A similar example would be the insulation resistance in a motor, which goes down over time. Since the insulation resistance is much greater than the line-line impedance of the motor, changes in the insulation resistance are negligible in terms of the current flowing through the motor in use. But insulation resistance measurements are a key maintenance tool for large motors.
-Jon