This very well maintained Mitsubishi Lancer Cs3 GLX came in for regular servicing as well as a waterpump change. This client of ours has great technical knowledge on cars. He proposed to change his water pump as his mileage has already hit 80,000km. Based on most Japanese Car Manufacturers, the recommended time to change your waterpump and timing belt is at the 80,000km mark.
Some car owners try to go beyond that recommendation but it is a risk they are undertaking. Going beyond the recommended time for replacement of your timing belt and waterpump will lead to greater damage to your car and your pockets.
The timing belt might snap if the usage for it is beyond 80,000km. This will cause greater damage as when the belt snaps, the valves are no longer being controlled by timing and the piston will collide onto the valves causing it to bend. Hence, a top overhaul of the engine might be needed which is pretty expensive.
P.S. An advice to all: Get your mechanical parts replaced and service on time to prevent further drastic damages on the car itself. A well maintained car is much less costly than a poorly maintained one.