Car repair costs hit the skids
(MoneyWatch) The cost of car repairs continued to decline in 2011, reaching a six-year low of $334 annually, despite a slight hike in the cost of parts, according to CarMD, a web site aimed at educating consumers about auto maintenance.
The site, which compiles government data to provide a comprehensive look at the cost of car repairs, says the average repair cost 6 percent less in 2011 (the most recent year for which government data is available), versus $422 in 2006. The biggest cause for the decline is a drop in labor costs, which fell 17 percent in 2011 alone.
Hybrid cars are responsible for the nation's most expensive repairs. However, that cost has also come down dramatically. These cars account for 3 of the 10 most costly repairs, including the nation's most expensive repair -- replacing the "inverter assembly." This repair cost an average of $4,098 in 2011, although that's nearly a 45 percent decrease in cost from 1996, when the same repair cost an average of $7,391.
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The site also ranks manufacturers and used cars, based on their cost of repair, factoring in both the average number of repairs and the average cost of each repair. Based on their formula, the nation's most reliable brand is Toyota, closely followed by Hyundai. Both automakers also ranked No. 1 and No. 2 in CarMD's last repair listing. But the third-most reliable brand in 2011 was BMW, a first-timer on the top 10 ranking. Filling out the top 10 were Honda (No. 4), Volkwagen (No. 5), Nissan (No. 6) and KIA, General Motors, Ford and Chrysler (No. 7 through 10, respectively).
It's worth noting that U.S. car makers usually charged less than the average for repairs, but they had more of them. Indeed, GM, Ford and Chrysler accounted for 64 percent of the priciest fixes.
If you're in the market for a used car, the most reliable model is the 2010 Toyota Corolla, according to the report, followed by the 2008 Ford Taurus. The 2008 Toyota Yaris, the 2009 Honda Pilot and the 2009 Honda Accord rounded out the top five most reliable used cars.
CarMD also offers a cautionary tale for drivers. If you ignore red lights on your dashboard, little repairs can quickly become expensive disasters, according to the site's experts. For instance, if you fail to replace a $10 spark plug, you could end up with a $300 spark plug and ignition coil repair. Ignore that and it could take out your catalytic converter, and that will cost you $1,000.
