A faulty ignition switch linked to at least 13 deaths in General Motors cars could cost as little as $2 to replace, according to an industry analyst.
JP Morgan automotive specialist Ryan Brinkman says that the original supplier, Delphi Corp., estimates that the price of the replacement parts is likely to be between $2 and $5, and that it can be installed within minutes at low additional labor costs, according to The Detroit News.
General Motors is planning to recall over 1.6 million cars worldwide, due to an ignition switch that can be unintentionally twisted into the off or accessory position, leading to the engine being shut off and the airbags deactivated while the car is in motion.
The affected models in the United States include the 2005-2007 Chevrolet Cobalt and Pontiac G5, 2003-2007 Saturn Ion, 2006-2007 Pontiac Solstice, 2007 Saturn Sky and 2006-2007 Chevrolet HHR.
GM has not commented on the expected total cost of the recall or the specific part
The automaker is currently preparing a report for federal investigators covering its handling of the issue, and could be fined as much as $35 million If NHTSA finds that it failed to report the problem to the agency in a timely fashion.
The recall is expected to begin in April. In the meantime, GM is advising owners to remove any heavy items from their key chains to reduce the chance that the ignition switches will move unexpectedly.