Possible causes of slipping include:
* Low transmission fluid: This is the most common and least expensive cause. Checking and topping off the fluid (or replacing it if it's dirty or burnt) might solve the problem.
* Fluid leak: A leak will lead to low fluid, and needs to be located and repaired.
* Worn clutch packs or bands: These components wear down over time and can cause slipping. Replacement might be necessary, but it's often less costly than a full rebuild.
* Faulty valve body: This controls fluid flow within the transmission. Repair or replacement might be needed, and can be a significant cost.
* Torque converter problems: The torque converter can fail or wear out, requiring repair or replacement. This is a more expensive repair.
* Internal damage: More serious internal damage, such as broken gears or planetary gearsets, will likely necessitate a rebuild or replacement of the entire transmission.
In short: Get your transmission checked by a qualified mechanic as soon as you notice slipping. They can diagnose the underlying cause and recommend the appropriate repair. A simple fluid change might be all that's needed, but ignoring the problem could lead to more extensive and costly damage down the line.