A good-quality appliance can last for nearly a decade if it is maintained well. A refrigerator can last for 10-18 years, a washing machine can last for 10 years, ovens can last for 15 years, and dryers can last for around 13 years. If you use these appliances correctly, they will continue to deliver a good performance with a few repairs. However, every appliance owner has to decide whether they want to repair or replace a unit eventually. Making that choice is never easy, and here are some tips that can help:
Cost of Repair vs. Cost of Replacement
Repairing appliances usually cost less than replacement, but they’re not always the financially-sound decision. For example, if your appliance is too old and requires frequent repairs, you may end up spending more on it than on a replacement. As a general rule of thumb, if the cost of repair exceeds more than 50% of the cost of replacement, it’s time to get a new appliance.
That’s especially true of the appliance is old, nearing the end of its lifecycle, and/or out of warranty. If your appliance has already undergone extensive repair, it’s unwise to spend more money on it. Replacement may seem like a big investment upfront, but you may end up spending less money in the long-run.
However, if you have a relatively new appliance and the repair cost is less than 50%, don’t replace it. That will be a wasteful and needless expense, especially if the appliance is still under warranty.
Cost of Ownership
Consider the cost of ownership before repairing appliances. If your unit is old and not very energy-efficient, you will end up spending money on utility bills. New appliances consume less energy, cause less pollution, and deliver superior performance. They may seem like an expensive investment, but they can save nearly 10% yearly on utility bills.
New appliances are also less likely to break down or cause trouble. That means you can save money on repair and maintenance costs as well. Modern appliances are very durable, so you won’t have to worry about replacing them for a long time. Consult with an experienced professional for repairing appliances before making a decision. A good repair technician will inspect your refrigerator and determine whether you can fix it at a reasonable cost. You can visit the technician’s homepage to understand the level of service they provide.