It all depends on what you call the serpentine belt. If you mean the toothed rubber belt that drives the camshafts, then yes, the engine will need to have its valve timing re-set before it will run again with a new belt. If this is what has happened, you’re lucky that the 3S-FE engine in your car is what’s called a non-interference engine. That is, if the belt brakes, the pistons will not crash into the valves, destroying the engine. In an interference design, you’d be looking at a whole new engine.

If, however, the belt you refer to is the one that drives the power-steering pump, water pump and alternator, then you should be able to simply replace the belt and be back in business.

IT'S A Toyota, so be assured it will be reliable provided it has been serviced according to the Toyota schedule. The first thing is to check the service record to make sure everything has been covered. Because it has been promoted as an off-road vehicle, make sure it has sustained no damage as a result of being thrashed through the bush. The RAV4 will handle some light off-road driving, but is not designed for really heavy going and is prone to being damaged by someone intent on pushing it beyond its limits. As for cost, $9000 is a fair market price for the car at your local yard, but you could try to negotiate it down to $8000.