Hi Steve, welcome to V40 ownership. You'd have likely been used to a good old fashioned chain set up (assuming your 340 was a 1.4 OHV Renault engine), whereas your prospective 1.8 V40 does indeed have a cambelt. A generic OBD reader will work on it as well, and the socket for which can be found under the driver's side knee area at the centre console (just up and to the left of the clutch).
Hope this helps,
Joe
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340, 360 GLE, 440 GLT, 440 TD, 460 CD (x2), 850 T-5 (x3), 850 TDI, V40 Sport Lux, V40 1.8 S, C70 GT 2.0T
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S40 1.6 (x2); 440 1.6i
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