The new Volvos cannot be timed, it is all computer driven. Well, mostly. The engine on the 2001 XC has a VVT, variable valve timing, which alters the timing a little bit depending on rpm and engine load. The VVT has a controlling solenoid at the top of the engine, driven by oil pressure, and that can clog up.
IF the timing belt broke, a bent valve or two will be a problem requiring the valves to be replaced. Not a fun job. I could imagine someone putting a new belt on the engine and driving it like a noisy 4 cylinder.
Usually, the price of the 2001 reflects the poor reliability of the automatic tranny.
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Keeping it running is better than buying new
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