Sharing Daily Discoveries About Personal Finance And Business Topics

Paying More To Just Replace Than Repair At Times

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Usually when we have an expensive gizmo that breaks down we try and repair it since that is usually the financially wise thing to do. No point buying a new $1000 phone if you just need to replace something that will be $150 in total parts and labour as an example. But this was an interesting situation I was told about which made me wonder if it would be better just to buy something new.

A person was telling me how the laundry machine appeared to be leaking a ton of water and so they immediately contacted the company for service. From what the person told me, the cost would be about $300 not including any parts as the customer would have to agree to paying it. So it sounded like it could potentially cost $350 to $500.

That’s what made me think as you can get a new machine for about $800 to $1000 and it would be a new modern day unit. You would definitely be paying more still, but would the benefits make more sense? I know if it was for a really old computer as an example it can definitely make more sense to just get something more modern day if you would definitely receive a lot of extra benefit such as increase productivity.

Something about paying almost half the price of a new unit to repair an old one just wouldn’t feel like a good investment in many ways.

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