Does the 2001 Toyota Corolla have a timing belt or chain?

From 1998 onward, all Toyota Corolla models have come with a timing chain. This includes Your 2001 model. While there are advantages and disadvantages to each type of timing apparatus, most will agree that timing chains are superior -- so long as they don't fail. Timing chains are expected to last at least 250,000 miles under normal operating conditions. In most circumstances, the engine will fail before the timing chain fails. Belts, on the other hand, need to be replaced at regular intervals of 50,000 to 100,000 miles, to account for routine wear and tear. Belts are cheaper to replace, and a timing chain swap might cost You as much as $3,000. But as long as Yours doesn't fail, You'll be in a better financial spot in the long run.