2000 Toyota Corolla clicking noise Problem

My car is a 2000 Toyota Corolla with 75k miles and automatic transmission. I just bought my Corolla 6 days ago and as of yesterday Ive been hearing this weird clicking noise in front end of my car. It clicks when the car is accelerating. Also, the check engine light is on and I took it to Autozone and the said it was a P0340 error, Camshaft positioning sensor "A". Will ignoring this have any adverse effects on my car? Ive talked to a few people and the best answer I could get out of someone was that it was electrical and it wouldn't affect my performance. Thank you in advance, if you need more detail please let me know. Does the clicking noise have a rhythm? Does it change with speed? Does it click if you are sitting still with the engine running? You should determine the cause of the P0340 code. If the cam sensor is failing or something is causing a loss of the cam sensor signal, the PCM(engine computer) will probably disable the VVT system. You'll see a drop in performance. It may also take longer for the engine to start with no cam signal. The clicking gets faster as I move, and it stops at some speed around ~45. Also, I have noticed that it takes longer for the car to start. Is the CAM sensor something I really should be worried about right now? Will it cause long term damage or is it something I can hold off on until my next paycheck? Thank you so much. It won't damage anything because the engine computer defaults by calculating the cam sensor signal internally. It won't be anything near what the sensor is actually putting out but it is close enough for horse shoes and hand grenades. The clicking noise could be caused from a number of things including a CV axle problem, hub caps (yes they can make noise), rocks in the tire, and brake components rubbing. Its hard to diagnose noises on here cause we are not there to listen to them. You should inspect those items if you get a chance. Thanks again, if it helps, it only clicks when I accelerate. Just got back from the store and I noticed that it stopped at 45 because thats the speed limit and I was no longer hitting the gas.