When Should I Repair or Replace My Appliance?

Making the decision to repair or replace an appliance can be a difficult one. It's important to consider the cost of the repair, the age of the appliance, energy efficiency, and whether you need to modify your kitchen to accommodate a new unit. Generally, if the cost of the repair is lower than the value of that equipment, you should repair it. However, if the cost of the repair is higher than the value of the asset, you should replace it.

Additionally, if an item has already broken down once before, replacing it may make more sense. It's also important to consider the cost and availability of replacement parts when deciding whether to repair or replace appliances. Consulting a professional contractor can help you make an informed decision. Additionally, cleaning your stove and oven regularly can help you avoid repairing or replacing an appliance.

If you know that your device could reach the end of its life at any time, it's probably time to replace it, even if the repair isn't expensive. To be prepared for any surprises, create an emergency fund in your online savings account so you're ready to fix the old thing or invest in a new one. If your appliance is less than a year old, it probably still has a warranty that covers parts and labor, so repairing it could be free. If you know how to handle a socket wrench, you may be able to perform simple appliance repairs yourself and save labor.

However, you also need to consider the cost and logistics of installing a new appliance. A good rule of thumb is that if the repair costs less than 50% of the cost of a replacement, opt for the repair. The closer your appliance is to its hypothetical expiration date, the wiser it will be to replace it rather than repair it. If you're trying to decide whether to repair or replace an appliance, consider age, repair cost, pricing, energy efficiency, and whether you need to modify your kitchen to accommodate a new unit. The choice to repair or replace appliances is up to you but consulting this list before you decide can help ensure you're spending your money wisely and getting the results you value most.

That would mean replacing an appliance that is more than half its expected lifespan and requires repair work that represents more than half of its original cost.