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The smart answer is "before it breaks". The 4.6L-4V engine has two timing CHAINS with a tensioner driving the cams at a 2 to 1 ratio. The engine is an interference engine so if one or both of the chains break or come off the tensioner the engine is basically shot. This happened to me at 143K miles. I had the car serviced by the dealer I bought it from and there was no mention of a service interval for the timing chain, ever. I always got the recommend service depending on the miles on the Mark. Replacing the engine is expensive and Ford had a series of bad rebuilds which caused me much grief. I went through 4 engines before (1 lockup after 40 minute, 1 timing tensioner failure after 2 weeks and 1 crank failure after 3 months) I got a keeper. I have 198K on the 1995 Mark now and I still love it! Get a price to check it out and see if it's worth it. You may be able to "listen" for excessive noise in the chains using an "engine stethoscope" but you probably have not point of reference to base a decision one. 4 chains total. (2 timing chains and 2 cam chains) Replace tensioners and sprockets also.

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Q: When should you change the timing belt or chain on a Lincoln Mark VIII?
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