Repair or replace

Repair or replace

Appliances are the backbone of today’s modern homelife. So when one breaks, it can be a major inconvenience. How do decide between repairs or buying something new?

Lifespan

First, you should know what the expected lifespan is for your
appliances. That 15-year old microwave is likely on its last leg, so it might
be worth it to replace instead of repairing. But a refrigerator has a nine to
13-year lifespan and you should take that into consideration.

According to the International Association of
Certified Home Inspectors
, you can generally expect the following years of
use from your appliances:

APPLIANCES       YEARS
Air Conditioner (window) 5 to 7
Compactor (trash) 6
Dehumidifier 8
Dishwasher 9
Disposal (food waste) 12
Dryer Vent (plastic) 5
Dryer Vent (steel) 20
Dryer (clothes) 13
Exhaust Fans 10
Freezer    10 to 20
Gas Oven 10 to 18
Hand Dryer 10 to 12
Humidifier (portable) 8
Microwave Oven 9
Range/Oven Hood 14
Electric Range 13 to 15
Gas Range    15 to 17
Refrigerator 9 to 13
Swamp Cooler 5 to 15
Washing Machine 5 to 15
Whole-House Vacuum System 20

50% rule

A good rule of thumb is to replace if the cost to repair is
50% or more of the cost of a new appliance.  Upgrading may cost more initially, but newer
models are often more energy efficient, saving you money on utilities. Or you
may even qualify for a rebate, bringing the overall cost down.

Maintenance

Sometimes, you can delay repairs or replacements with proper
appliance maintenance.

  • Refrigerator: clean the coils with a vacuum
    cleaner at least once a year
  • Dryer: clean lint from the dryer vent and lint trap
    regularly
  • Washer: clean your washer on a regular basis to
    get rid of residue left behind by detergent or fabric softener

Repair savvy

If you do decide that it’s better to repair than replace, be
smart before handing over any money. Check your warranty to see if the repairs
are covered – even if your appliance is a few years old.

Only do business with reputable companies. Be wary of
companies who ask for payment up-front; this could be a scam and they may not
show up to do the repairs you paid for.

No appliance lasts forever, and you will find yourself making the repair or replace decision at some point. Lessen the financial burden – no matter what you choose – by having an emergency fund to cover unexpected expenses like these.

This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

The post Repair or replace appeared first on Premier Perspectives.

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