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. If your appliance is older or nearing the end of its useful life, it might be worth buying a new model or running the risk of wasting good after bad money. If you purchased the appliances at different times and your refrigerator has a shiny stainless steel finish and the stove has a simple white coating, it may be worth updating them to match. Now is the time to decide if it's worth paying for a repair or if it's smarter to buy a replacement one.
If you can afford the difference in cost, it might be worth replacing a vital appliance instead of waiting for it to be repaired. The cost of repairs may not be worth it for many smaller, lower-cost appliances, such as vacuum cleaners. We spoke with Tim Adkisson, former director of product engineering at Sears Home Services and current director of quality control and supplier management at Allstate, to learn when they are worth repairing or replacing. A good rule of thumb for repairs is to never spend more than 50 percent of the replacement cost to repair a broken appliance.
