December 19th, 2011 10:21 AM by Jennifer McGuire
One of the factors governing the decision to repair or replace is life expectancy of the product.
Most refrigerators last 15 to 19 years. Unless the fridge has been a lemon since the day it came into the house, the newer it is, the more consideration should be given to repairing it.
Freezers, which last 20 years or so, should be given the same consideration.
An important consideration is energy-efficiency, however. Energy Star-rated refrigerators produced after 2001 use 40 percent less energy than those manufactured before that date, and that might have a bearing on your decision.
Saving $100 a year might not be enough to justify spending the kind of money that you would spend for a refrigerator that would meet your family’s needs.
In addition, sometimes a new appliance will change the way the rest of the room looks, or alters the layout so much that you’ll need to change everything, increasing the expense beyond what you can afford.
It all comes down to what you can afford and what meets your needs, meaning both tests need to be satisfied, not one or the other.