WHAT IS THE APPLIANCE REPAIR COST?
If the cost to repair an appliance more than 60 percent of the cost of a new one, then it may be time for a new appliance. Also, you need to consider the availability of replacement parts and timing on repair. If the parts are no longer available then you need to replace it, or if it would take a few weeks before parts will come in and you’ll will be without a fridge for a few weeks then it may be a good time for replacement as well. If you already decided to get a new appliance, do not forget to calculate on the top of price of the new appliance, shipping cost, installing cost and hauling away an old appliance. When you calculate all of it, it may be cost effective for you to do repair versus replacement.
HOW OLD AND WHAT IS THE OVERALL CONDITION OF THE APPLIANCE?
The average life span (in years) of common major household appliances is usually about 7-10 years, and unfortunately every year the life span is decreasing. The appliances do not last any more like 20-30 years as they were used to. The life span of household appliances varies based on their usage and maintenance. For example, a single person will have a longer dryer life versus a family because it will be used much less. Also, when considering an appliance replace versus repair, you may not want to dump an appliance the first time something goes wrong. However, if the appliance has broken down repeatedly, creating several repair bills over the last few years, it may be a time to consider a replacement.
DO YOU HAVE ENOUGH MONEY FOR A NEW APPLIANCE? DOES A NEW APPLIANCE MATCH YOUR KITCHEN STYLE?
Most of us, do not have an emergency fund (savings) when an appliance breaks down. It usually catches us by surprise. So, if you are a property owner, it is a smart idea to create an emergency fund and be prepared to either fix the old or invest in a new appliance. When you do have to spend money on either a repair or on new appliance there are some things to consider. Finding a new appliance that will match your kitchen style, a brand you may want, and if they have it available. If you want to keep the same look in your kitchen, you may want to choose to repair and keep an old built-in double oven because you can’t find the same size or color to replace it.