+1 on the Timing Belt. It might not have broken even, on the KIA it actually Rots, and strips off teeth. Unfortunately it results in broken valves, instead of bent valves. The RIO motor is Junk, from KIA. All of the belts suffer from Rotting, I've seen them fail/ strip teeth with less then 30K miles. last one I did needed a New Head, available from KIA, and not only a new set of pistons but a re-bore, as the bore was gouged. Sadly this is probably the main reason the RIO has no resale value. Depending on year, as they made some different heads for the 1.5, you can get a new one loaded with valves for less than $500 shipped. T-belt kits are well under $100. See rockauto.com they have all they stuff but the head. I got it from a Seattle Dealer, on-line.
Good luck, might not be worth fixing unless you have the knowledge and tools.