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Congrats on the purchase. Wow - 218K miles - really shows how good maintenance is the key to long engine life.
Castrol GTX high mileage is pretty good oil. It is completely up to you if you want to switch to synthetic or not. If you already have a sizeable stockpile of motor oil of the appropriate weight - I'd say go for it. Given the quality of conventional motor oil now compared to most synthetics - the only thing that you'll probably gain is better low temperature pumpability and higher temperature oxidation resistance. The maximum mileage stigma for switching from conventional to synthetic is no longer an issue.
I'm with mistamatrix - as far as the timing chain goes, following that old adage "if it ain't broke - don't fix it" comes to mind. If you are really worried about it - you can always pull the chain and check to see if it is stretched out. That will involve quite a bit of work - but the only way to tell for sure if the chain is OK. One of those things that don't have a definite lifespan. If the engine saw good maintenance - 200K miles is probably nothing to the chain. I've seen chains last from as little as 30K miles (engine sludged over, no oil change) to 400K+ miles (just look at all the Toyota trucks with the 22R/RE engines still rolling around).
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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