A timing belt is a toothed rubber (or polyurethane/neoprene) belt that keeps an engine's crankshaft and camshaft turning in sync, so the valves open and close at the correct moment relative to the pistons. Because it wears over time, manufacturers specify a mileage or age interval for replacement. In "interference" engines this maintenance is critical, since if the belt fails and the shafts lose synchronization, the valves can collide with the pistons and cause serious internal damage. (Source)
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