Yesn't. Variable Valve Timing (VVT) isn't needed for a car to be able to run, yes, but VVT is the key to allow decent performance out of a smaller displacement, which also means major advantages in fuel economy. So you may be saving in repairs, however if it weren't for VVT, you'd be paying what you saved in gas

You do realise almost every modern car has some type of variable valve timing, right? It's part of how they get the combination of economy and performance they do.