In general, homeowners must follow the “fifty percent” rule, which simply means that if their appliance lasts more than 50% of its lifespan or the repair of the appliance is going to cost more than 50% of what it would cost to replace it, then replacing the appliance is often the most cost-effective. However, as a general rule, if you have several faulty parts or if your refrigerator is more than ten years old, it's probably time to replace it. Consumer Reports recommends replacing your refrigerator if the cost of repairing it is more than half the price of buying a new one. Troubleshooting is often the slowest part of the repair process that you do yourself, so be prepared to spend time figuring out why your refrigerator throws a tantrum.
So taking the plunge and buying a new refrigerator or freezer will save you a lot of time, money, and long-term repair trips. If your refrigerator is more than ten years old, it may be more expensive to keep repairing it than buying a new one. If you're still not sure whether to replace or repair your refrigerator, a good general rule to keep in mind is that the longer you have it, the higher the potential repair cost.
