It's true that chains are supposed to last the life of the car and belts are for only about 80K to 100K miles. But on my 1991 Corolla, my chain went out at about 185K.
When the timing chain/belt is replaced, it's exactly the same labor has having water pump replaced, so consider getting a new water pump at same time. It's really a good idea that will save you hundreds of extra $$. Your mechanic can tell you whether it shoud be replaced, if you haven't had it done recently. Otherwise, just do it and save the $$.
But mine cost me abut $500 to get it done. But expecting $700 is not a bad idea. Always add an extra 50% to expected cost of labor and that way you won't be surprised or shocked if something unknown comes up.
So around $500 up to 700 will cover everything.
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