10/26/2022
IS YOUR APPLIANCE WORTH REPAIRING?
To answer this question you need to apply the 50% rule.
For purposes of this example, let’s say the cost of repairing a refrigerator is $300.
If your refrigerator is 8 years old and you know the average lifespan of a refrigerator is 13 years old, should you repair it?
So if the refrigerator is more than 50% through is lifespan, and the cost of the repair would be more than 50% of the cost of a new one, then it’s a better idea to replace.
In this scenario, the cost of fixing the refrigerator is $300 but buying a new one is $1,000. The cost is fixing the refrigerator is less than 50% of the cost of buying a new one, therefore, you should repair the refrigerator.
You can apply this rule to all of your other appliances. Keep in mind repair costs will vary by area.
