In today’s world it’s sometimes cheaper to replace something than fix it. Big ticket items can come with big ticket repair bills, so sometimes it’s more financially prudent to simply replace the item rather than repair it.
Repair bills are going up while the initial cost of purchasing an item is going down. This is because repair men are fetching higher hourly salaries while most big ticket items are made in factories overseas where the cost of producing the items has gone down. Advances in technology as well as newer, cheaper materials are making it possible to purchase items for less money than ever before.
So what happens when the repair man’s hourly rate quickly outpaces the initial cost of purchasing an item? The item suddenly becomes disposable. Read on to discover 4 things you should replace rather than fix.
For the most part, mid to low-range appliances are cheaper to replace than they are to fix. It doesn’t matter what brand you purchase, as this is true for most appliances. Take a washing machine for example, a repair man will charge $100-$150 for a diagnostic. The parts are often expensive and take time to order, and then the cost of replacing the part can get quite expensive due to the complexity of today’s machines. Soon, it’s cheaper to go to your local home improvement store and order a replacement with free next day delivery than it is to bother having the repair man stop by.
The only time this isn’t true is if you purchase top of the line appliances. If you spend the extra money to get the bells and whistles on an appliance, you should also spring for an extended warranty that covers everything from the diagnostic to the labor to replace the broken components. When purchasing the warranty, be sure to ask if there are any fees associated with house calls.
2. Commuter Vehicles
Car repairs are one of the most expensive costs for daily commuters. For people who drive a great distance each day in an inexpensive commuter vehicle, repairing a major component of the car may be more expensive than buying a new commuter vehicle. If this sounds like you, try to trade your old vehicle in on the new one, or if it’s beyond value, call a scrap yard that pays cash for cars to help offset your cost.
Like appliances, today’s televisions often cost more to repair than they do to purchase new. Every year brings in new technology that repair men must stay up-to-date with, which can lead to big repair bills. To offset the cost of the repair, purchase a warranty for your television or attempt to diagnose and repair the problem yourself. Often, if it’s a major piece of the television that needs repairing, it’s cheaper to buy a new TV than to repair the old one.
If you need to buy a new TV, shop holiday sales or off-season right before new models are released. You’ll save a ton of money and you’ll get the latest technology to enhance your television viewing pleasure.
Shoe cobbling is a dying art. When you wear holes through your soles or rip through a lace hole, it’s time to buy new shoes. Long gone are the days of having your favorite pair of loafers repaired. Rising costs for retail space and labor have made shoe cobbling a dying art.
The next time one of these 4 items breaks down, ask yourself if it’s really worth fixing. Being financially responsible means looking at all of your options and choosing the course that makes the most sense for your and your family.