My car has 176K miles (2001) and has been maintained regularly with oil, filter, etc and major check ups at 100K and 150K and I have never had a problem with it. Last night I'm going 60 on the freeway and it appears the power steering is gone and the battery indicator light is on. I hear some type of tapping/rattling and about 5 seconds later it is gone. I drove another 20 miles and then all the sudden all my indicator lights came on, the engine was running, but when I pressed on the gas the RPM's went way up but no response by the vehicle. I immediatley got off the freeway and had it towed to my house.

Any indication if this sounds like a minor repair or a major expense?

 

Have you opened the hood and looked yet?