I have had a variety of machine tools over the years. I have used a shop vac a lot for chips, including oily chips. I can't say for sure whether it's from one specific cutting oil or not, but the thing that happened to my shop vac was that the hose became very soft from some chemical action, or perhaps it was just the chips abrading away the inside. So I've had to replace the hose periodically.
Speaking of which, you can buy that entire shop vac kit from Lowe's for less than a replacement hose around here! And I like the idea of a US made top that fits a 5-gallon bucket, which is something I have lots of.