When is it time to replace your appliances?

Are your appliances starting to show signs of wear and tear? Are you thinking that any minute now, one of them could finally break, flood your house or leave you in a bind?

If you are dealing with an older appliance that is no longer working efficiently, or at all, you may be tempted to replace it. 

However, if that same item breaks down when it is still relatively new, the choice between replacing it and simply fixing it can become difficult. Many times, it all comes down to money more than anything. To help you decide, here are some things to consider:

Check the Warranty 

Look through your receipts and owner’s manual to see if the broken-down item is still guaranteed. Almost all modern appliances come with a manufacturer warranty for covering full repairs or replacement within one to five years of their purchases. You may have even opted for an extension on such a warranty that you paid extra for. 

Just remember not to attempt to repair an appliance yourself while it is still under warranty. This action may void the manufacturer’s contract.

Use the 50% Rule

One of the best ways to decide if it is best to repair or replace an item is the 50% rule. Here’s how it works: 

• Estimate whether the item is over 50% of the way through its lifespan.
• Figure whether the cost of repair is more than 50% of the price of a new appliance.

If both are true, then it makes much more sense to purchase a replacement machine.

Determine Additional Costs of Replacement

In conjunction with the cost of purchasing a new appliance, there may be other costs that you are not considering. You may not have the money needed readily available for these situations. Sometimes, such preliminary matters are even more expensive than the replacement machine itself.

These situations are exactly why many people opt for an easy, affordable home warranty from Trinity Home Advisors.

For example, what if you have to add gas connections to your home to accommodate a new gas range? It could run thousands of dollars to bring in a gas line. 

Or, what if the new fridge doesn’t fit where its predecessor did? You will need to change the counters around and move cabinets to make room for the new appliance. And, even a seemingly minor upgrade may necessitate adding electrical circuits and wiring that aren’t accessible at the moment. 

If you can’t afford these modifications, perhaps you should stick to the appliances you have.

Know an Appliance’s Useful Life

All appliances have an expected typical  lifespan when it is still considered to be useful. Once it exceeds that age, it may no longer be worth going the extra mile for repairs. 

If the machine is living on borrowed time, it is wiser to pull the proverbial plug and replace it, even if this is the more expensive option. After all, if you are likely to replace it next year anyway, doing so now means actually saving the money you would spend today on repairs.

Consider Energy-Efficient Replacements

Even if it may seem more expensive initially, over time, buying an energy-efficient or water-saving appliance will certainly be a cost effective measure over time. 

For example, an ENERGY STAR-certified refrigerator saves a third of the power that regular models use, and water-saving washers use a small percentage of the water that washers typically use. They actually work with special detergent that keeps the wash from sudsing excessively and requiring a more thorough rinse.

If you have nearly-new appliances that are known energy suckers, it may make more sense financially to stick with them for now, or you will spend much more upfront than you’ll actually save, for at least a few years.

The Final Call

Sometimes you just have to go with your gut when it comes to replacing big-ticket items – and your wallet. If you are sinking money into any item that is just about ready for the scrapyard, consider replacing it, if it makes better financial sense.And if you want to protect yourself from unexpected expenses associated with repairing or replacing appliances, make sure to get an easy, affordable home warranty from Trinity Home Advisors!