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Another increase in repair costs
The trend towards higher repair costs continues: After a phase of relative stability, the average repair costs for new and used cars recorded a significant increase again in 2018. This is shown by the evaluation of the insurance portfolios of the warranty and customer loyalty specialist CarGarantie.
Another increase in repair costs
For the study, 767,262 expired used car warranties and 240,956 expired new car warranties of all brands and models with a term of 12, 24 and 36 months were evaluated. In total, CarGarantie manages over 2 million warranty contracts in its portfolio and works with more than 23,000 specialized dealers in 22 countries. The demands of vehicle buyers have been continuously increasing for years. At the same time, they are aware of their warranty rights and have correspondingly high expectations. Manufacturers respond to these demands with higher quality and ever new functions: Modern cars are getting better and more diverse.
The other side of the coin is the repair costs. After the average claims requirement rose continuously but moderately for years, significant jumps have been observed in the last two years. A particularly high increase was already recorded in 2017, with an increase from 502 to 514 euros. 2018 shows that this was no exception: this year the average repair costs rose to 527 euros.
Engine responsible for the most expensive damage
In the used car sector, the cost share of the individual components is almost unchanged: As in the previous year, the engine is responsible for most of the costs this time (2017: 24.2%, 2018: 23.6%; Figure 1), followed by the fuel system including the turbocharger and the transmission. The fuel system recorded a small increase of 0.5% to 18.2%, the transmission a very small decrease to 11.6% (2017: 11.7%).
When it comes to new cars, the order is different: while last year the fuel system was responsible for most of the costs, this year the engine is also in first place, with an increase of 1% to 21.3% (Figure 2). The fuel system follows in second place with 21% (2017: 20.3%), the electrical system, which was in fourth place in 2017, follows in third place in 2018 (-0.6% to 10.7%).