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if they're doing the timing procedure in the way "us specialists" do it (ie the correct way) then the dephaser has to be slackened off anyway, so to change it you just spin the bolt out, swap the pulley and spin it back in
i don't charge labour for that!
i do them in situ, its not that bad actually
are we sure the OP isn't confusing his lights? are you actually seeil the oil light or just the (!) and STOP lights?
Re: Cambelt...list everything needed in a change
cambelt kit - belt, 2 idlers and a tensioner
aux belt kit - belt, tensioner and an idler
dephaser - part of the VVT, inlet camshaft pulley, optional if you change it, if you don't and it starts rattling 6months later you need a new cambelt again
no £800 is a rip off! its a 172 CUP WITH NO AC
£300 - cambelt and aux
£166 - dephaser
£100 - 12K service
£45 - plugs
£40 - box oil
£40 - coolant
£40 - brake fluid (inc bleed)
£731 for EVERYTHING