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Not knowing either of these two engines I can only offer an opinion on the mechanical side......
As for timing chains v. belts, yes belts stretch and can break and leave you stranded. Are either of these engines "non-interference" engines? That might help with the chain v. belt question. Given the option, my choice would be "non-interference". It might break, but no engine damage. But both are high mileage cars and many other things can leave you stranded, so.....
I've bought cars that were high mileage and, with proper maintenance, anything can last a long time even if the previous owner was lax on maintenance.
I've read that Toyota makes great long lasting engines. Haven't really researched Mitsubishi.
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