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This Volvo uses a timing chain instead of a belt, which is intended to last the full lifespan of the vehicle. While it typically doesn't require maintenance, it can still get damaged or fail, leading to immediate overheating of the car. Replacing the timing chain may cost around $100 for the part and another $100 for labor. When purchasing online, be careful as some retailers may incorrectly label both a timing chain and a timing belt as a cam belt, which could result in getting the wrong part.
Most Volvo vehicles typically come equipped with a timing belt, although certain newer Volvo engines now feature a timing chain instead.
I haven't received a response to my inquiry about whether it uses a belt or chain.