A good quality lubricant has the following characteristics:
1. It has a high boiling point and does not evaporate at high temperature in the engine.
2. It is viscous or thick.
3. It can tolerate high temperatures.
4. It is chemically stable and do not get oxidized easily.
5. It does not mix with other liquids to form emulsions.
If cheaper alternate lubricants are used then it either easily gets dried up or gets destroyed. This will in turn result in high friction and heat in the engine parts and will eventually make the engine go bad.