I have a 2001 Hyundai Accent 1.5L (Automatic 4 door) which went dead while I was pulling into the parking. The gas light was coming on and off so thought it was out of gas, though there was about 2 gallons of gas. After filling the gas it would not start. I tried to Jump start and then tried to push start too, but it would not.
Took it to Midas they said the timing belt is gone and there may be engine damage too but not sure.
When I got the vehicle it had 89000 miles now it has run about 2000 miles. I tried to call the original dealer from whom the guy had got the car when it was just over 60K. Seems the timing belt was not replaced.
Now the question I have is what is the chance that the engine would have got damaged and is it any good to have the timing belt replaced?

there is a very high risk that your engine is damaged, the only way to be sure is to fit a new belt, turn the engine over and do a compression check.

if there is damage the cylinder head will need to be removed and the damaged valves replaced

How about inspection by removing the spark plug and looking to debri or looking through by the a digital scope? Would that help?

no l'm afraid not. the damage that would be caused is bent valves

I guarantee that you have some bent valves. Same thing happened to our 01 about 3 months ago and it bent all 4 exhaust valves. Like montego said, all you can do is put the new belt on and see if any cylinders have compression. Removing the cylinder head on this engine is not bad at all. Just to give you an idea, we had just under 500 bucks in the whole job doing it ourselves. You will have about 400 in the machine work and the gasket kit. I also put a water pump and a new timing belt tensioner in also. The hardest part we had was getting the crank pulley nut loose, and some of the intake manifold bolts are a little hard to get to. If you like to do your own work this is really not that bad of a job. Plus, it will save you alot of money. We are always here to help if you run into any trouble.

Yea, unless all the valves were closed when the belt broke...you bent something.
I have to agree with cheenu. A scope should let you see where the valve hit the piston. I would think a steel valve would leave a mark in an aluminum piston.

I asked the Mech to do a scope, he did a scope and found a hole in piston No 3. he said. Please suggest what could be the options now?

if the damage is that bad as to cause extensive piston damage then unless you want to go to all the expense of a complete engine rebuild it means you need a new engine (or find a good used one at a scrap yard)

What is the typical expense for a engine rebuild?

More than your whole car is worth. You can find a junkyard engine for $100 to $500 though.

Yea, you'll prolly have a grand in machine shop work. Not to mention parts and labor. You can probably find an engine with lower miles cheaper.

The same thing happened to my 2000 before I got it....but the t-belt had only been replaced once in almost 250,000km. I got a junker engine with 65,000km for $450.