Simply, when the cost of repair is less than the value of that equipment, you must repair it. When the repair cost exceeds the value of the asset, you must replace 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. Consider age, repair cost, pricing, energy efficiency, and whether you should modify your kitchen to accommodate a new unit. If you're not particularly skilled and one of your appliances is malfunctioning after the warranty has expired, it can be difficult to determine if it needs to be repaired or replaced. The following are some of the cases in which it is better to start buying a new model rather than trying to fix the problem.
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. This 50 percent rule also depends on the age of the device. If the appliance is only a couple of years old and its warranty has just ended, it is likely to be cheaper to repair it. Water buildup under or around the washing machine is a surefire sign of a problem.
Make sure to check first if it might be a problem with an easy fix. While a leaking washing machine can sometimes be repaired, it is often a sign that the appliance has reached the end of its useful life. Because of the water damage your floor may incur, it is best to repair or replace a leaking washer as soon as possible. The cost of repairs probably won't pay off for many smaller, lower-cost appliances, such as vacuum cleaners.
Sometimes the hose is clogged or a filter needs to be replaced. If you've checked those things and the vacuum simply doesn't work anymore, it might be time to look for a replacement. If you start spraying dust in the room instead of storing it in a bag or other receptacle, you should stop using the vacuum and start looking for a new one. Most appliances have an average lifespan of between 10 and 20 years.
Unless you are “lucky enough that an appliance breaks down during the warranty period”, you should decide whether it makes sense to repair the appliance or just start over with a new machine. TOH helps you decide if it's worth investing time and money to get the toolkit out for a quick fix or start buying something new. 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. The closer your appliance is to its hypothetical past expiration date, the wiser it is to replace it, rather than repair it.
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. Deciding if it's time to repair or replace appliances can be difficult, but there are some general guidelines that will help you. The cost and availability of replacement parts is also an important consideration when deciding whether to repair or replace appliances. So you won't find yourself in a critical situation if the repair or replacement of an appliance surprises you, build up an emergency fund in your online savings account to be prepared to fix the old one or invest in the new one.
When an appliance is old and doesn't work efficiently, it's easy to decide to replace the machine instead of repairing it; rest in peace. You may be able to postpone repairing or replacing an appliance by adopting some good maintenance practices. Cleaning your stove and oven is also important if you're trying to avoid repairing or replacing an appliance, Granger says. 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.
The best resource for deciding whether to repair or replace an appliance is a professional contractor. 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. 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 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.