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Is £300 reasonable for a Lambda sensor heating element repair on a Volvo V70?

The Engine Management Light has illuminated on my early 2000 Volvo V70 petrol estate. My local garage, which I think is reliable, says it is the heating element that brings the Lambda sensor up to scratch when the engine is cold that is at fault. The sensor itself is OK, but the light stays on and will, later this year, fail the MOT. Apparently the heater has to come from Volvo and I have been quoted over £300 for the repair. Does that seem reasonable?

Asked on 9 January 2012 by CC, Godalming

Answered by Honest John
Not crazy money, and a plausible explanation. Remember that repairs to a car worth £2500 that originally cost £25,000 are based on £25,000, not £2500.

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