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The cost to repair and replace components is up; the cost to insure them is going to follow.
Airbags go for $50 to $200 on the black market, but replacing your airbag through a reputable auto repair shop can cost upwards of $1,000. jetcityimage / iStock 6.
This report showed an annual increase from January 2023 to January 2024 of 6.5 percent for motor vehicle maintenance and repair, while the average cost of car insurance increased by more than 20 ...
The General Motors ignition switch recalls refers to February 6, 2014 when General Motors recalled about 800,000 of its small cars due to faulty ignition switches, which could shut off the engine while the vehicle was in motion and thereby prevent the airbags from inflating. [1]
In a letter requested by John Dingell, ranking member of the House Energy and Commerce committee, the FTC noted of 6,786 complaints relating to auto parts and repairs it had received between January 1, 1996, and May 16, 2006, only two complaints were relevant and there were "none relating to the inability of consumers or independent auto repair ...
In this case, replacement would be uneconomic as the car would have negligible value at 14 years old, far less than the cost of fitting new airbags. Volvo has stated that "airbags do not require replacement during the lifetime of the vehicle," though this cannot be taken as a guarantee on the device. [133]