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i vote that you change the water pump as well. it would suck to pay for the timing belt now, then have the water pump die and essentially re-pay for another timing belt job. though i dont know why the cost for the water pump is so high with the timing belt being done. once the timing belt is off, its just a matter of pulling X amount of screws and cleaning a couple of mating surfaces. but anyway, yeah, do the belt and water pump now. i would also have the other two belts changed as well - cheap insurance. and yes, belts do go bad with age - the rubber dries out and cracks.
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