Weigh pros and cons of both options as you make your decision. What kinds of things do you look at? Consumer and appliance repair experts suggest considering the following questions.
- How much does the repair cost? One rule of thumb is to consider replacing the appliance if repairing it will cost more than half the price of a comparable replacement. Be sure to price models with similar features, and factor the age of your current appliance into your decision.
- How much life does the old appliance have left? Look at statistics on appliance life expectancy - available from the National Association of Home Builders. Then adjust for factors like quality, usage, and maintenance.
- What other replacement costs will you incur? In addition to purchase price, will you have to pay for delivery and installation, and are there haul-away and disposal fees?
- What is the "hassle factor" for replacement? Built-ins for instance can be challenging. And oversized appliances might require extra effort and expense to move.
- How substantial are the energy savings with a newer model? As you estimate, look at how long it would take for the appliance to pay for itself.
