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I have a 2006 mitsi lancer vrx 2.4 model. I have just done 89000 kms and had a quote to do cam belt and waterpump which I am told by garage is needed at same time. Estimate is over $1200. Is this an average price?
I am wondering whether to do this or put the money into a new car, as the kms are getting up and the tradein value rapidly going down. I am happy with the car but was thinking maybe something with smaller motor would be more practical.
I would appreciate your views.

Cambelts are made of rubber whith glass fiber inserts. These fibers give it the strength, not the rubber. Cambelts are a very important part. Don't take the risk for it to break, if it does,will cause thousands of dollars worth of damage.
The cambelt drives the waterpump. Experience has shown that a new belt with nice new tension causes strain on the old waterpump bearing which subsequently fail. This is why your garage to replace the waterpump at the same time. It is good practice, as replaceing the pump at a later date, will cost you the total labour time all over again.
The 2006 Lancer VRX is a good model and 89,000km is not high. Even when you want to sell it, buyer will ask if the cambelt was replaced. If it is not, they will try to bargain the price down.
$1,200 seams rather expensive for a 4 cylinder cam belt. I would recommend to get a second quote but make sure they are quoting on the same. Some garages have a habbit of quoting for the cam belt only to get the job. When the car is in the shop and stripped down, they ring and say that it needs more parts and labour. This is a bit of a dirty tactic.

Thanks so much for your advice. it is much appreciated.
I will get another quote for the work and will definately get it done soon. I think I will keep the car for now as has been reliable for last 5 years and I have kept all servicing up to date. Better the devil you know I think! Thankyou.