High-tech cars drive up prices, turning auto repairs into major investments
Average repair costs for gas-powered vehicles is $4,696 while electric alternatives cost $6,018
Auto repair prices skyrocket thanks to new vehicle technology
FOX Business' Jeff Flock reports on the 33% rise in auto repair costs across the past four years.
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.
ELON MUSK'S TESLA HIRING BACK SOME ON SUPERCHARGER TEAM HE FIRED WEEKS AGO: REPORT
Various car parts and accessories. Auto repairs are becoming more expensive thanks to inflation and increasingly complex vehicles. (istock / iStock)
"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.
SELF-DRIVING CARS COULD LEAD TO A FOURTH, WHITE TRAFFIC SIGNAL – OR NO SIGNALS AT ALL: RESEARCHERS
FOX Business' Jeff Flock and Andrey Shumylo, owner of Shums Auto Repair, discuss a car sensor that could cost a vehicle owner $900 plus the installation cost to repair. (FOX Business/Varney & Co. / Fox News)
"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.
MUSK SAYS TESLA'S AFFORDABLE EVS COMING NEXT YEAR
Average repair prices for electric vehicles outpaced the average cost for gas-powered alternatives. (Photo by Silas Stein/picture alliance via Getty Images / Getty Images)
"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."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Hybrid cars 'are the future' of the auto industry: Mike Caudill
Auto expert Mike Caudill explains data proving consumers 'aren't ready yet' for a full transition to electric vehicles.
