High-tech cars drive up prices, turning auto repairs into major investments
Andrey Shumylo, owner of Shums Auto Repair in the Philadelphia suburbs, explained why car repairs have become increasingly expensive in recent years on FOX Business' "Varney & Co."
There's no such thing as a tiny repair anymore, thanks to skyrocketing auto repair costs and more complicated cars.
Translation: A small fender bender could mean hundreds or even thousands out of pocket just to get back on the road again.
Data shows the average cost of repairs for gas-powered vehicles comes in at a whopping $4,696, with repair costs for electric vehicles edging out that expense at an average cost of $6,018.
While inflation is partially to blame, increasingly complex vehicles hitting the road poses another issue.
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"This is a sensor that goes behind the bumper in front and detects a possible collision," Andrey Shumylo, owner of Shums Auto Repair in the Philadelphia suburbs, said as he showed FOX Business' Jeff Flock an automotive part taken from a vehicle inside his shop.
Shumylo said the driver came in after his car was "bumped" and the dashboard alerted him that the collision warning system needed to be serviced.
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"When we scan the codes, it was saying that the sensor went bad," he explained. "The sensor actually says it right on its side… so this could be damaged by not just physical damage, but just bumping."
The cost of the part alone is $900. Combine that with installation costs, and you could be forking over $500 or $600 extra, according to Shumylo.
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"Every year, cars get more complicated. We want more creature comforts. We also want more safety, so all these systems are being added, and technicians need to be able to work on those systems, program computers, figure out complicated electrical issues," he said.
"These things get tight under the hood, so, the bigger the engine, the less room you have to work on it, so it takes longer."