If an appliance lasts more than 50% of its useful life and if the cost of a repair is more than 50% of the cost of buying a new one, then you should replace it instead of repairing it. No matter who performs the repair, our long-standing advice remains. Spend no more than 50 percent of the cost of a new product repairing an old one. And if an item has already broken down once, replacement may make more sense.
The cost of repairs is another important thing to consider when dealing with a broken appliance. If the repair cost is minimal, then it is better to have it repaired. On the other hand, if the cost of repairs is quite high and it comes close to the replacement cost, then you better get a new one. The first thing to consider when it comes to repairing or replacing a broken appliance is the frequency of problems in the past.
The cost and availability of replacement parts is also an important consideration when deciding whether to repair or replace appliances. If you're deciding when to replace appliances, you can apply the 50 percent rule to the age of your appliances, as well as the cost of repairing them, according to HouseLogic, a website of the National Association of Realtors. As a general rule, if repairing an appliance is going to cost more than 50 percent of the price of a replacement, it would be wise to buy a newer model if your budget allows it. If you know that your appliance could reach the end of its useful life at any time, it's probably time to replace it even if the repair isn't costly.
You may be able to postpone repairing or replacing an appliance by adopting some good maintenance practices. You should consider replacing an appliance if the cost of repairing it exceeds 50 percent of the cost of a new one. That would mean replacing an appliance that is more than half its expected useful life and requires repair work that accounts for more than half of its original cost. So that you don't find yourself in a predicament if the repair or replacement of an appliance surprises you, build an emergency fund in your online savings account to be prepared to fix the old one or invest in the new one.
A good rule of thumb is that if the repair costs less than 50% of the cost of a replacement, go with the repair. That's why boring or not, it's important to know what you're doing when it comes to repairing or replacing your appliances. But if the appliance has broken down repeatedly, leading to several repair bills over the past few years, it may be time to separate and consider a replacement. The option to repair or replace appliances is up to you, but reviewing this list before making a decision can help make sure you spend your money wisely and get the results you value most.
Royce Palmer, president of Columbia Appliance, a retailer in Columbia, Missouri, says you should consider replacing an appliance if the repair cost is more than 50 percent of the cost of a new one. You can't put a guarantee on end-of-life repairs for something that has far exceeded its normal lifespan, so you've likely paid for a full replacement within a handful of repair calls. The best resource for deciding whether to repair or replace an appliance is a professional contractor.