Should You Repair or Replace Your Broken Appliances?

You’re worried 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. Should you spend the money to fix this inefficient appliance or replace it with a new, high-efficiency model that will use less electricity and water?

Fact of life

Face it. Home appliances, unlike fine wine, get worse with age. And most often, the older the appliance is, the more extensive and expensive the repairs. That means that each repair will return less and less on your investment over time.

Deciding whether to repair or replace your broken appliance—especially when trying to discover which option will save money in the long run—can be challenging.

Consider these 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

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 only keep this appliance going for a year or two, you’re far better off repairing while saving for a new machine than putting a new appliance on credit and paying double-digit interest for the next three to five years.

• MORE: How to Get $1,000 Into Your Emergency Fund Painlessly

 

If you have some cash but not enough

Consider replacing your clunker with the best used model you can find for the money you have to spend. Check sites like Facebook Marketplace and Craigslist.org for late-model, well-cared-for used appliances. Find a used appliances store in your community, such as the Restore chain of Habitat for Humanity locations. Spread the word to friends and neighbors. People are constantly relocating— creating situations 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.

• READ POST: How to Make Sure You are Using the Right Amount Laundry Detergent

If repairs are costly

If the repair bill is more than half the price of a new product, you should consider buying new rather than repairing it. That means you need to do your homework so you don’t have to make this decision on the spot while the repairman is standing there tapping his foot!

Here again, the deciding factor will be whether or not you will have to go into debt to buy new. Don’t be afraid to ask the repairman about your options for a short-term repair instead of replacing the expensive compressor, for example. What can you do to buy us a few months or another year with this washing machine?

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 will likely offer better service at a lower cost.

The costs for diagnosing problems and repairing home appliances have increased considerably in the last few years. This has made replacements with new models more common.

A word to the wise

Home appliances have built-in obsolescence. They don’t make ’em like they used to. It’s by design that life expectancy has gone down gradually over the years. Take refrigerators for example. They used to last for 30 years or longer. They were specifically designed and manufactured for that kind of lifespan! These days you’ll be lucky to get ten years. And, that’s with excellent maintenance and timely repairs.

100% Guarantee

I can give you this guarantee: Your appliances are wearing out one day at a time—one wash load, one load of dishes, one nice warm night in winter, a lovely cool day in the heat of summer. Without any hesitation, I can promise that one day something will break down. And more than likely it will be without warning and at the worse possible time.

Never assume you are beyond this guarantee. Plan on it. Prepare for it. Perform good maintenance so you know what your appliances are doing and where they are in their lifespans. Keep those manuals handy. Learn the repairs you can do yourself. Know who to call when the problem is beyond you.

• MORE: Appliance Maintenance You Can Do Yourself

Anticipate so you are not caught off guard

Anticipate costs to repair and eventually replace major home appliances. Create a special account designated just 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.

 

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