Join Date: Jan 2006
Location: La Crosse area, Wisconsin
Car Year: 12
Car Model: Premium
Timing belt is 105,000 miles / 105 months (8 years, 9 months). It sits under a sealed cover so I'd be surprised if you could smell that one. Besides, it's a toothed belt so it isn't going to slip and squeal like a ribbed or v-belt would.
Could be a slipping belt but they often make a squeal to let you know what's going on. Could also be a hose that came out of a clip or bracket and is resting against a hot part of the motor. One other thing I can think of is that something else has wiggled loose and is rubbing against one of the exposed belts.
'12 Forester, 5spd - hers
'08 Legacy SE, 5spd - hers
'09 OB SE, 5spd - mine