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Mine always used to do this, it would either refuse to rev above 3K or would sit and rev it's tits off to the limiter. Turned out the wires at the back of the engine block were being chaffed away by the metal cover over it. the
Timing belt will only failed if it's not changed on time or if the proper tools are not used. If it's an 07 plate it won't need a full service until 2012, which is circa £350 on the older style K4M's/