I recall it cost meabout $750 on a 2001 V70
There are two standard threshold conditions for changing the timing belt (1) age of the belt - 10 years or more or (2) useage of the belt in terms of miles ~ 90k if under 10 years.
Any decent machanic worth his salt should be able to do this for around £200
The 2.3 liter and 2.4 liter are interference engines , so probably
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Provided the belt does not break, yes it will be safe....but if the belt breaks, then you will ruin your engine.
Here is diagram from 2carpros.com http://www.2carpros.com/car_repair_information/year/2001/make/volvo/model/v70/2001_volvo_v70_drive_belt_routing_diagram.htm
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This is also refered to as the timing belt. Volvo recommends replacement every 110,000 miles. But recent evidence of failed belts, point to a sooner change. To be safe, replace it before 90,000. It is easy to look at, pull back the access cover on the top left side if the engine. If it shows signs of cracking or the back side is worn shiny (due to a failing idler wheel, which you can hear as a oscillating squeal) change it as soon as possible!
Manual says 110000 miles or 10 years but earlier is safer along with renewing the water pump and idler/tensioner pulleys.
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98 V70 is recommended every 70,000 miles. 1999 through 2003 is recommended every 105,000 miles and 2004 on is recommended every 120,000 miles. You also want to replace the timing belt tension and idler with each belt. It has been my experience working in a dealership that sometimes the belt may start developing cracks and wear from the enviroment it is exposed to. Therefore if the belt looks to be in a less than ideal condition you may wish to consider replacing it before the mileage to be on the safe side since these are "interference" motors and a broken timing belt will cause a lot of expensive damage.