Another guy had this a few weeks ago with a MK6 GTI (essentially same engine, just 0.2L larger capacity) and that inlet cam solenoid cost him $180 trade price. So even if you factor in another $50-70 for a non-trade price, that's still only about $230-250 for the part.
And it takes about 20mins to swap over. So $700 sounds very rich.
I need help... 2.0TSI
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