Not Made Of Money

photo credit: Embieria

The decision to repair or replace an older appliance can be an agonizing choice. All of the rules of frugality require that you eek every ounce of usefulness out of your old appliance. You don’t want to succumb to the decadence of purchasing a new appliance before it’s absolutely necessary. On the other hand, if your old appliance is just going to end up being more trouble later, you don’t want to throw good money after bad on frequent repairs. So, how do you know when it’s time to give up on an old appliance and purchase a new one?

There are three key factors in determining if you should continue to repair your old appliance. First, you should assess whether you are able to do any of the repairs yourself. Often, the parts for appliance repairs aren’t that expensive. It’s the technician’s labor that makes the repairs so costly. If you, or your spouse, are able to complete repair work yourself, you may find you are able to deal with repairing your old appliance much longer.

You should also assess whether or not replacement parts are still available for your appliance. As appliances age, eventually manufacturers cease to produce replacement parts for those models. Do you have to drive a great distance to get parts? Or even worse, do you have to find a “parts” appliance to pull used parts from? If you aren’t able to find the parts you need to keep your old appliance in good working order, it’s probably time to bite the bullet and buy a new appliance.

Finally, your financial situation will weight heavily in your decision to repair your old appliance or to purchase a new one. If you have a healthy savings account, the financial sacrifice necessary to buy a new appliance may well be worth getting around the inconvenience of dealing with a malfunctioning appliance. On the other hand, if money is tight right now, you may decide to repair the appliance one more time and start saving for the new appliance to be purchased next year.

Ultimately, you’ll have to evaluate your own situation to decide whether or not it’s time to ditch your old appliance and buy a new one. Whatever you decide, however, make sure you carefully investigate your options to make sure that you make the best financial decision you can.

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