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Not positive, but I think that if your cam skipped a tooth due to a worn belt, it might explain the P0016 code. Ask your mechanic or service advisor about that. At any rate, you've got some serious issues there (replace the belt and rollers at a minimum).

I would hope there are procedures for pinpointing the cause of the code (advance mechanism, skipped tooth, sensor, etc.). Inquire about this as well. They should be able to provide a clear answer.

You're gonna have to get it fixed. Until that code is cleared, the car's value is essentially $0, and depending on the state, you may not be able to get your tags renewed.
 
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