These days it seems that appliances — just like cars– have a shorter lifecycle than ever before. In many cases, middle of the road appliances are expected to last about 10 years or so. This leaves many of us having to ponder “repair or replace” when appliances start to break down.
Recently, my 10 year old oven stopped working. It seemed that the thermostat had broken down and to repair it would cost somewhere in the region of $400 to $500. Using the rule of thumb that I shouldn’t spend more than 50 percent of the cost of a new product on repairing an old one, I elected to get a new stove.
But, if your existing appliances are 5 years old or less and things are going awry, you may want to consider repairing as opposed to replacing as this could still financially make sense, depending on the scope of the problem. Get a couple of quotes to compare before you make your decision to repair. From the price information our community provides us, we know that Canadians spend on average $440 when repairing an appliance. This cost fluctuates depending on the complexity of the repair and price of parts.
Be prudent however if your appliance is still under warranty as you will need to use a factory -authorized repair shop or risk voiding the warranty. In general, when appliances get to around the 10 year mark, it’s likely that a full replacement will bring you most value over time.
When buying new appliances, there are means and ways to potentially avoid costly breakdowns if you do some research. For example, check out Consumer Reports before you invest in new appliances to see if the machines you are considering have any historical issues.