Maybe you and your spouse are talking about getting a new appliance. It’s a big decision as an appliance is an investment that should last around 5-10 years or so.
Most people wonder which is more financially sound when an appliance breaks before 10 years: is it better to get a new appliance or have it fixed?
Well, there are several ways to figure out the answer. Here are the things to keep in mind so you can make a good decision:
- Take Repair Costs Into Consideration
Think of repair costs. If your fridge or washing machine costs more for a repair than a new appliance, then it’s a good sign to just buy a brand-new product.
Research the prices for the typical repair costs of each appliance to figure this out. For example, Washing Machine Repair Singapore reports that most washing machine repairs cost around $104 – $238.
If they’re only minor fixes and the item hasn’t reached the end of its life yet, then you can have it repaired. However, if it bites the dust and it entails large expenditures for parts replacement, then it’s a good sign to have it replaced.
Parts replacement is also a massive factor when it comes to appliances. Some of them are salvageable, but if they have multiple parts fixed and/or replaced, it’s usually a clear sign to just buy one.
- Has It Reached Its Warranty?
If its insides and features are failing simply because of its age, then replacing it is a go. Consider the lifespan of a typical appliance (not regarding brand).
Has your fridge been around for 10-13 years, for example? If so, then Fridge Repair Singapore advises to have it replaced instead of having it fixed.
They do caution, however, that the lifespan of an appliance depends on its usage and maintenance. In fact, here’s a list of the typical lifespans for appliances.
- Follow The 50% Rule
Always follow the 50% rule: if an appliance is more than 50% through its lifespan, and if the cost of one repair is more than 50% of the cost of buying new, then replacing it is definitely advisable.
Don’t just calculate the repair costs, but also the possible hidden fees that may surprise you while repair is ongoing. This rule is advised by plenty of repairmen as well as veterans in handling different types of appliances.
- Energy Efficiency
There’s a valid concern for energy efficiency and cost-effectiveness. If your half-life, current appliance doesn’t save you cash or eats too much energy, opting for a better one isn’t so bad.
Switching an older model for an energy-efficient one saves you money in the long run. Try looking for NEA-approved products with an Energy Label to see if you can swap out a new but cost-effective model.
- Could Maintaining this Extend Its Life?
If giving an appliance just a little bit of extra maintenance and care will extend its life, then it’s best to have it fixed. If all it needs is a quick clean-up to get it working perfectly again, for instance, it’s a good idea to keep it.
However, you should exclude those that are nearing the end of their warranty periods… for obvious reasons.
Anyway, buying a new appliance is a tough decision and a big investment. Since you’ll need a good talk with your spouse for buying or replacement, we hope these tips can help ease your decisions for a bit.
