Royce Palmer, president of Columbia Appliance, a retail store in Columbia, Missouri, says that you should consider replacing an appliance if the cost of repairing it is more than 50 percent of the cost of a new one. The cost and availability of replacement parts are also an important consideration when deciding whether to repair or replace appliances. You should consider replacing an appliance if the cost of repairing it is more than 50 percent of the cost of a new one. Repair costs will change depending on the problem, but you can compare the cost of repair with the cost of replacement.
If an appliance has more than half its useful life and the repair costs more than 50% of the price of a new one, you should consider replacing it. But if repairing it costs less than half of what it costs to buy something new and it's not that close to the end of its useful life, repairing it is probably the best option. If you have a home warranty, call your supplier and see if they will pay for the repair or cost of a new appliance. Cleaning the stove and oven is also important if you're trying to avoid repairing or replacing an appliance, Granger says.
If you opt for repairs and you like the DIY trend, keep in mind that there are some home repairs that you should never do yourself. That would involve replacing an appliance that is more than half its expected useful life and that requires repair work that represents more than half of its original cost. If the appliance is less than a year old, it probably still has a warranty that covers parts and labor, so repairing it might not cost you anything. But you also have to consider the cost and logistics of installing a new appliance, says Anthony Arroyo, owner of the repair shop.
If you're deciding when to replace appliances, you can apply the 50 percent rule to the age of your appliances and the cost of repairing them, according to HouseLogic, a website of the National Association of Realtors. A good rule of thumb is that if the repair costs less than 50% of the cost of a replacement, opt for the repair. Deciding if it's time to repair or replace appliances can be difficult, but there are some general guidelines to help. Your best resource for deciding whether to repair or replace an appliance is a professional contractor.
You may be able to postpone repairing or replacing an appliance if you adopt some good maintenance practices.