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Friend of mine back in college had a Fiat 124 Spider that he set up with Bilstein shocks and Pirelli tires - nice little car, not fast but looked good and handled great and still worked on a student budget. He gets the idea to do preventative maintenance and change the timing belt one summer... this was pre-internet days and he didn't do his homework well on ensuring he preserved the timing... after the job, starts it up, and it didn't run properly, but it did quickly smash all 16 of his valves... oops... ...then he needed more than a timing belt!
The first production engine to use a toothed rubber belt for cam timing was the 1966 Pontiac Overhead Cam 6. It was 230 ci, and in the 4-bbl Sprint version was rated at 215 hp. It was only made for four years, and didn't sell very well, since at that time nobody wanted a high-performance 6 when for not a lot more money they could get a 400 ci Ram Air V8.
Why have either? Why can't we have a fly by wire solution to actuate valves?
That has been done but it's fiddly to say the least. Google "Valvetronic".
Well, it does have conventional cam shafts and a chain to run them, but, infinitely variable valve timing (up to the limits of the cam of course). But it is fiddly when it does not work right.
Belt failure: rebuilt cylinder head $1000-$1500 plus another timing belt kit.
Chain failure: probably another engine (your cost will vary).
This is only for "crash" or "interference" engines. A lot of older cars with belts are not in this category, all you are out if the belt breaks is a tow home and a timing belt kit..
That said, I'm not endorsing a "run till it breaks" approach for these cars. Just saying you don't *have* to be quite as vigilant.
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