I had this issue on my 3.5 year old macbook a few months ago. Googled and did the SMC reset as suggested in this article. Worked for a while but before Christmas the problem returned, and the SMC reset trick is no longer working. The symptom is it no longer charge after exhausting the battery. So I brought it to the local Apple store.
Last time (shortly before I bought this macbook), I had an issue with the work macbook air, and I brought it in Apple store. The fix was cheaper, about $230.xx something like that. At the time the symptom was I saw some spark at the MagSafe plug, and after that I could no longer charge. Maybe just a replacement of the MagSafe board at the time. This time they had to also replace the logic board. The cost is about $511. It took about a week (5 working days) to fix, I recall last time it was slightly faster. It could be due to the holiday (Christmas) season. I am still happy it got fixed though, as I did not back up all the data on the Macbook. Now I will be more careful.
A new (old gen) Macbook air probably costs starting $700 to $800 at this time, for comparison purpose.