Both homeowners and renters will eventually face the need to buy or change the appliances in their residence. This task, although easy to overlook in our monthly budgets, necessitates strategic planning given the potential high costs. When then should we start scouting for new appliances?
We can no longer expect appliances to last for an extended period. Modern appliances might cost less initially but require replacing more frequently, leading to higher expenses over time. Hence, it is crucial to prepare in advance.
Here’s the average lifespan of common household appliances:
– Dishwasher: 9 years
– Dryer: 13 years
– Electric Range: 13 – 15 years
– Freezer: 10 – 20 years
– Garbage Disposal: 12 years
– Gas Range: 15 – 17 years
– Microwave: 9 years
– Refrigerator: 9 – 13 years
– Washing Machine: 5 – 15 years
The lifespan varies based on usage frequency and the particular make and model. Understanding that appliances won’t last forever, it becomes evident that planning replacements can result in long-term savings.
How to go about it? First, list down every appliance you own that you’ll expect to replace eventually. Try to know their manufacture date for a rough idea when they’ll need replacing. Research beforehand your preferred replacement to have a rough estimate of its cost.
Use a spreadsheet to note:
– When each appliance was purchased
– Make and Model of current appliances
– Preferred replacement make and model
– Remaining years of each appliance
– Multiply the remaining years of life by 3.22% (the current average rate of inflation)
– The total potential cost of each appliance
– Divide the cost by the remaining service years, then by 12 for a monthly budget.
Following this plan will take off substantial pressure and provide a clearer idea when to start hunting for a replacement.
Once you have the lifespan figured, the fun begins. When the replacement year looms, start shopping deals late in the year. September or early October are good times, as manufacturers roll out new lines compelling dealers to clear old stocks which provide room for price negotiation. End of year or end of month moments are best when stores have quotas to meet
If you can’t buy by the year-end, not to worry. January is another great time since sales typically slow down after the November and December rush, forcing stores to offer attractive deals to clear their remaining inventory.
Saving on appliance replacement can reroute hundreds, possibly thousands of dollars towards purchasing other necessary appliances or for personal enjoyment.
Despite being a part of modern life, replacing appliances doesn’t have to strain our finances as long as we plan and budget accordingly. A pre-prepared replacement plan can save us considerable stress and position us to negotiate the best deal when buying quality appliances at reduced prices.
What are your personal tips and strategies for planning appliance replacements? Share your most satisfying deals!
Source: smartasset.com.
