Appliances have a certain lifespan of use, and then, unfortunately, they tend to break down one way or another. Depending on the age of the appliance and the amount of the repair cost, you should make an informed decision as to what will be a good for your finances and your home.
So, when the fridge stops producing cold or the dryer stops drying things, you may go into panic mode and try to either buy a new appliance or call a repair person. Before you make a snap judgment, you should take a step back. It’s important to ask the question:
If you are able to get an estimate of how much the repairs will cost, this will give you a good place to start. This is the fastest way for you to get the answers that you need. If the life of the appliance is going to only be a few years, you may be better off investing your money in a new appliance. The cost of a repair can run somewhere around 20-30 percent of the cost of replacing the appliance completely.
Some appliances are meant to last for a decade, others will last for a shorter period of time. As a general rule of thumb, if your appliance is over 7 years old and breaks down, you should probably replace it rather than repair it. It will be a better investment in the long run. Some typical lifespans for appliances are:
Before you replace your broken appliance, there are a few things you should understand. First, sometimes, it really isn’t broken. A plug could be loose or a circuit could have tripped. You would hate to spend the money on a new appliance rather than deal with a simple problem. Troubleshoot the problem yourself by taking a peek at the owner’s manual first.
Once you have repair estimates, you should find out how much it will be to replace your appliance completely with a similar model. Make sure that you factor in things like the removal of the old appliance, the taxes, and the installation. By running the numbers, you’ll know if you can afford a new appliance or not compared to the repair costs.
If you have been dreaming of a refrigerator with an ice maker, it may be a good decision for you to spring for a new model. If you love the features you have, you’ll want to either price similar units or do the repairs. Really, your budget and needs very much dictate your decision for new appliances. Consider the options and make the repair or replacement call based on your needs.
