Both homeowners and renters will eventually need to buy or replace the appliances in their homes. This task, often overlooked in our monthly budgets, requires some strategic planning due to potential high costs. So, when should we start looking for new appliances?
Appliances today don’t last as long as they used to. While modern appliances might be cheaper upfront, they often need replacing more frequently, which can become expensive over time. Therefore, it’s important to plan ahead.
Here’s the average lifespan for 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 of an appliance can vary depending on how often it’s used and its specific make and model. Realizing that these appliances won’t last forever can help you plan their replacements, potentially saving money in the long run.
How should you go about it? First, make a list of all the appliances you own that will eventually need replacing. Know their manufacture dates to get a rough idea of when they might need to be replaced. Research your preferred replacements ahead of time to estimate their costs.
Keep track of this information using a spreadsheet, noting:
– When each appliance was purchased
– The make and model of current appliances
– The preferred replacement make and model
– The remaining years of each appliance’s lifespan
– The potential cost of each replacement appliance, adjusted for inflation (about 3.22% annually)
– Monthly savings needed to afford each replacement
Following this approach will help you plan better and reduce the stress associated with replacing appliances.
Once you know when an appliance will need replacing, start looking for deals as that time approaches. Late in the year, particularly around September or early October, is a good time to shop because manufacturers release new models, prompting dealers to clear out old stock. End-of-year and end-of-month periods are also great times to negotiate prices.
If you can’t buy by the year-end, don’t worry. January is another excellent time to shop because sales usually slow down after the holiday rush, and stores often offer attractive deals to move leftover inventory.
Saving money on appliance replacements can free up funds for other purchases or personal enjoyment. Although replacing appliances is a part of modern life, it doesn’t have to break the bank if you plan and budget effectively. Having a replacement plan in place can save you stress and help you secure the best deals on quality appliances.
What are your tips and strategies for planning appliance replacements? Share your best deals!