Replace the timing belt or risk it?

I have an X-reg Peugeot 306 Diesel estate, which has just over 159,000 miles on the clock. It has just passed its MOT, has had work done on brake pads and handbrake cable in the last 6 months, has a good service record and was previously owned by family. The timing belt was last changed in 2006, and my garage has advised that in addition to servicing (approx. £200) the timing belt and water pump also be changed (another £400) as timing belt is likely due to be changes. The car; age, make, mileage, appears to be worth between £600-900, so I am seeking an opinion if it is necessary and / or worth undertaking this work on it, and given the make and model and it being a diesel engine, if it is likely to keep going until 200,000 miles or so, as I have been advised.
Either you spend the money or you take the risk of the belt coming off or snapping and having to scrap the car, so that restricts how far it would be wise to drive it.
Answered by Honest John on

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