AFAIK Sale of Goods Act uses the questions:
1). Was the product of satisfactory quality when purchased?
2). Was the product in the sort of condition a reasonable person would expect (with regard to age and mileage)?
3). Was the fault present at purchase?
1. - Yes.
2. - This is going to depend on whether there was service history, paperwork showing cambelt changed at x years, x mileage. Did the dealer imply a cambelt change was NOT needed because of the low mileage? Did he tell you a cambelt change HAD been done? DId you do any work to contact previous owners or garages who had serviced it? Was the price paid below/above market value?
3. - Almost impossible to prove either way, a cambelt can go suddenly.
On balance, I would say, good luck, try everything you can but this may just be a case of caveat emptor - buyer beware.
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