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Timing belt and water pump change $850?

My '07 V70 wagon has 120K miles on it. The owner's manual says to change the tiiming belt every 120K miles (used to be every 70K miles on my '96 850). I used to pay ~ $500 to have this done on the 850 (last time was in 2008, though). Now, the local Volvo dealer wants $850 to do this. What's up with that? Can I check the condition of the belt somehow without too much effort? Is the dealer charging an excessive amount for this? Should I start learning how to do the timing belt myself?

Any help would be appreciated.

Bernie

'07 V70, '96 850






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