It is an interference type engine and needs a new head assembly and various other parts.
The recommend service procedure from GM on the Chevy Aveo is to replace the belts and pulleys together. I have two other repair shops have informed that this is the standard procedure.
The shop that did...
My mother recently had her car serviced at Tuffy Auto Care. She brought her car in for an oil change and was up sold a $250 replacement of her timing belt. At the time she was given this horror story of if the belt brakes you are going to be left stranded and engine will suffer severe damage...