Been there, done that
I've been there when it came to belts breaking. The belt on the Honda broke about 3 years ago (at about 140k miles) and when it did, some major damage was done. While I don't recall exactly what the damage was, it did involve having to have the heads re-worked. And to make matters worse, the heads had to be worked again after they were re-installed. Prior to that, when I spoke to a Honda dealer about changing the timing belt, they also suggested changing the water pump while they had the car torn down. I (stupidly) passed as money was tight and I assumed that I had more time left on the belt. Not long after the timing belt deal, the water pump went out. So if I get another Honda, that is going to be the first thing I do prior to using it daily.
As far as belts and chains are concerned, I was told years ago that if they break on Japanese cars, major damage will occur (see above!), but that there is usually no damage on American made cars. My first car, a 1985 Pontiac Sunbird, had the timing chain break after only 40K miles and there was no damage. Mind you, I cannot speak for todays engines, but I am assuming the same holds true.
What are my needs? I am looking for a small to mid-size sedan about 5-7 years old in the $6k price range that gets about 28mpg or so. I am not too concerned with the milage, but I would like to stay in the 100k mile range. I have looked at a Volkswagon Passat, Cadillac Fleetwood, Honda Accord and Mitsubishi Galant. The car I get will either be passed on to my daughter when she begins driving in the next 3 years (if I cannot find her a 1968 Chrysler) or to my girlfriend for her to drive to work once we get married (no date set).
Finally, I want to thank the moderator for allowing this off topic discussion to flourish. And I want to thank all you have offered advice. This just goes to show that this is one of the best car clubs around. THANKS!!!