Cost and duration of appliances

 Most of us at one point or another have had to replace a major appliance in our home. And if you have had to do this in the last 5 to 10 years or so, do you feel like they don’t last like they used to?  A housing market research firm has found that appliances are becoming more modern and high-tech but they also don’t last as long. From 1995-2005, the average homeowner replaced appliances consistently every 12 to 13 years. Today it is every eight to nine years. And at the same time they are spending way more on the appliances too. Homeowners are purchasing appliances with more bells and whistles, but which become obsolete sooner and have more aspects to repair versus appliances years ago. Appliances are expensive and depending on circumstances, if you need a repair person to come out, it has to make sense that the bill for parts and labor aren’t more than the value of the appliance. What can you do to help yourself out if you need to fix or replace an appliance? First use your emergency fund to pay for the purchase or to have it fixed. If you don’t have an emergency fund, some retailers offer a trade where they take some off your bill for your old appliance. There are places that fix old appliances and sell them cheaper than new. If you can wait until the appliance goes on sale, there are seasonal times of the year that are cheaper than others. Bottom line budgeting for having to replace an appliance is more important than ever these days.