A broken-down home appliance can be a major headache. Maybe your dryer is no longer drying, or your dishwasher seems to be working only on its own terms.
Should you have the appliance repaired, or is it time for something new? In some cases, a repair can eliminate some money stress by helping you avoid the cost of a new appliance.
But, in other cases, it might be time to look for a replacement. Here are nine ways you can assess the situation and decide what is right for you.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Consider the 33% rule
There is a rule that says if the cost of the repair is less than 33% of the value of the appliance, you should repair it. And that’s not a bad rule of thumb.
Just remember that the rule applies to the remaining value of your appliance today — not the price you paid for it. A 5-year-old washing machine is not worth the same amount of money as a new one, so don’t use the appliance's original price tag when making your calculation.
You can check online to see the current value of your used model, and make your calculations from there. In many cases, a repair will help you keep more cash in your wallet. In other situations, it will be time to shop for a replacement.
Repair the appliance if it is under warranty
If your appliance is under warranty or a service plan, you are in luck: Repairing the appliance probably involves paying a straightforward flat fee that will bring out a technician to fix your item.
Replace your appliance if it’s near the end of its life cycle
Much to our disappointment, appliances aren’t designed to last forever. If your appliance is near the end of its life cycle, it might be time to pull the plug and get a new one.
NerdWallet cited information from the Association of Home Appliance Manufacturers stating that you can expect a side-by-side refrigerator to last around 11 years.
A dryer might last 13 years, a front-load washing machine could last nine years, and a dishwasher may make it 12 years.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Repair the appliance if you care more about the environment than saving money
Keeping appliances out of landfills is a win for the environment. If that is your top priority, try to focus on repairing whenever possible.
When you do eventually replace, look for energy-efficient appliances that will further your efforts to protect the planet.
Repair the appliance if it is of higher quality
If you splurge on your appliances at the beginning, they may be of higher quality and more likely to last through a repair or two.
Look for a qualified technician who has worked on that specific brand before and may be familiar with the nuances of the machine.
Trending Stories
Replace the appliance if it gives you trouble
Some appliances appear to be lemons, as they keep breaking down repeatedly. If this is happening to one of your appliances, it might be time to throw in the towel and replace it.
If one or two repairs don’t do the trick, it might be time to look at other options.
Replace the appliance if the repair is very expensive
Some repairs might be quick, inexpensive fixes: A simple part from the hardware store and you are back in action.
But, if there is a repair with a significant cost — for example, replacing a faulty compressor in a refrigerator — it’s time to sink that money into a new appliance.
Replace the appliance if it is not energy-efficient
Older appliances typically are less energy-efficient. Not only will a repair cost you money, but the appliance itself could leave you with a higher energy bill every month.
Depending on how old the appliance is, it might be time to get a new energy-efficient model with updated technology.
Replace the appliance if you are missing out on new features
Newer appliances often feature cutting-edge technology. If that is a high priority for you, a faulty appliance could be your excuse to splurge on the new model.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Bottom line
Knowing when something is worth saving and when it is time for a replacement is a great way to avoid wasting money, and the logic applies to more than appliances. This calculation could be relevant for everything from furniture to shoes.
There is often an emphasis on shiny and new, but it’s good for your wallet and the environment when you get the most mileage out of everything you own.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.49%, 24.49%, or 29.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.
Author Details