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Yes a timing belt and timing chain both do the same thing. A timing belt is usually quieter and less expensive but will have to be regularly replaced because it wears out in normal use. A timing chain will usually last the life of the motor and will not need to be replaced in normal use saving a lot of money over the life of the car. But it is noisier and more expensive.
Modern cars have timing chains because of a trend to minimize routine maintenance on vehicles. A smart consumer will ask if a timing chain is used before buying a car because the cost of replacing a belt is usually MUCH MUCH higher than the cost of the belt itself(Just a few dollars). If you plan to sell the car in two or three years you won't care either way, but if you plan to keep the car longer it is a big factor in the cost to keep it running well for ten yrs or more lets say(Hundreds of dollars difference if not thousands). Also the time the vehicle is in the repair shop and the inconvenience of a car leaving you stranded if you try to push the limits on an old timing belt(It can ruin a motor if the belt breaks on some cars), is a huge consideration.
And older method then a timing belt or chain are timing gears which will last even longer but be even noisier and more expensive and are rare in normal cars.
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