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Belts are quieter and cheaper to produce, lighter and more compact.
Chains can still break and camshafts can break from automatic tensioners over tensioning (eg Mercedes M111 engine).
At one point every car seemed to come with a belt, but now favour is swinging back to chains it would seem. Only my Skyline has a belt, and I just bought a VW with a gear driven cam.
Replacement intervals are normally ~60k for belts.
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