Although not a Hyundai, we recently had the timing belt, balance shaft
belt, water pump, and accessory drive belts replaced on our son's 1996
Mistubishi Galant. Of course, many Hyundai engines were based upon
Mitsu designs. I wish we ONLY had to pay $300 to replace the belt,
plus the cost of the other belt(s) and water pump. Our cost was over
$800 for the service. The shop labor was $89/hour. Other quotes we
received locally were within +/- $75 of the same figure.
Now, if you want to talk about replacing timing chains on SOHC or DOHC
engines, I have some real horror stories to tell you - cost can be
greatly in excess of $1K. Obviously, replacement is not as often, but
they do need to be replaced occasionally.