You’re worried that the washing machine may be on its last spin cycle. It makes a horrible screeching sound and needs a lot of coaxing to make it all the way through a full cycle. It’s not like it’s still under warranty. You’ve had it for a long time and it wasn’t new when you got it.

You get an estimate for repair and discover it will cost $319 to get it back into tip-top shape.

Should you give this old, inefficient machine the heave-ho in favor of a new model that will use less electricity and water?

A new name-brand front-loader is on sale for $899 plus tax and delivery. Should you basically throw away $319 now for a temporary fix, or bite the bullet and buy the new one?

Here are some basic guidelines and suggestions to help you decide, based on costs for replacement and repairs and the advantages of new models.

If you cannot pay cash for the new replacement. You should get it repaired to buy yourself time to save up for the replacement. Even if the repairs will only keep this appliance going for a year or two, you’re far better off repairing and then saving for a new machine than to charge it and pay double-digit interest for the next three to five years.

If you have some cash but not enough. Consider replacing your clunker with a late-model, lightly used quality machine. Check sites like for late-model, well cared-for used washing machines. Spread the word to friends and neighbors. People are always relocating or for some other reason in a position where they need to sell perfectly lovely, near-new appliances.

If the appliance is eight years or older. Once an appliance becomes elderly, usually it makes sense to buy a new one. However, if you have a high-end, older appliance you may want to repair it provided it is not repair-prone.

If repairs are really expensive. If the repair bill is more than half the price of a new product, you are probably better advised to buy new than to replace it. But, here again, the deciding factor will be whether or not you will have to go into debt to buy new.

If the appliance is under warranty. Even if repairs will be only partially covered by a warranty or service contract, repairing is the way you should go. If it’s under warranty, call a factory-authorized repair shop. If not, an independent contractor is likely to offer better service at a lower cost.

The costs for diagnosing problems and making repairs on home appliances have gone up considerably in the last few years, which has made replacements with new models more common.

A word to the wise. Home appliances have built-in obsolescence. By design, life expectancy has gone down slowly over the years. Refrigerators used to last for 30 years or longer. They were specifically designed to do that! These days you’ll be lucky to get 15 years and that’s with excellent maintenance and timely repairs.

Anticipate so you are not caught off guard. Anticipate the cost of repairs and eventual replacement of major home appliances by creating up a special account you designate for future appliance replacement. Setting aside a small amount of money every month will give you cash options to make wise decisions when the time comes.