Everyday Cheapskate: Should You Repair or Replace Your Broken Appliances?
IF THE APPLIANCE IS UNDER WARRANTY
Even if repairs will be only partially covered by a warranty or service contract, repairing is the way you should go. If it's under warranty, call a factory-authorized repair shop. If not, an independent contractor is likely to offer better service at a lower cost.
The costs for diagnosing problems and making repairs on home appliances have gone up considerably in the last few years. This has made replacements with new models more common.
A WORD TO THE WISE
Home appliances have built-in obsolescence. By design, life expectancy has gone down slowly over the years. Take refrigerators. They used to last for 30 years or longer. They were specifically designed to do that! These days you'll be lucky to get 10 years. And that's with excellent maintenance and timely repairs.
ANTICIPATE SO YOU ARE NOT CAUGHT OFF GUARD
Anticipate costs to repair and eventually replace major home appliances. Create a special account designated for future appliance replacement. Setting aside a small amount of money every month will give you cash options to make wise decisions when the time comes.
Mary invites questions, comments and tips at EverydayCheapskate.com, "Ask Mary a Question." This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of Debt-Proof Living, a personal finance member website and the author of the book Debt-Proof Living, Revell 2014. To find out more about Mary visit the Creators Syndicate Web page at www.creators.com.Copyright 2019 Creators Syndicate Inc.