Whether we are homeowners or renters, at some point we are going to have to purchase or replace appliances in our home.
Appliances are not usually something that we tend to give much thought to when we look at our monthly budget. But we should have a good plan in place for them because they can get EXPENSIVE.
So when is the best time to start looking for appliances?
Appliances these days have much shorter shelf lives than they did in years past, unfortunately.
What this means for us is that they can cost us less money to purchase, but we have to replace them more frequently.
This can end up costing us a LOT more in the long run if we don’t plan carefully.
The average life expectancy of most major household appliances are as follows:
- 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
For some of these appliances, there is a pretty wide range of life expectancy. This is due to how much regular use it gets, as well as the make and model.
Either way, these household necessities are simply just not lasting as long. Therefore, planning in advance to replace them can only help us save more money in the long run.
The first step is to take an inventory of every appliance you have, that you are responsible for replacing, at some point in time. Do your best to figure out when the item was manufactured so that you have a clearer ballpark idea as to the potential end of its life.
Next, do your research on each appliance well ahead of time. This is so that you have your ideal replacement item narrowed down before it’s time to buy. This also gives you a better idea as to what the potential price may be to replace the item.
Now that you have this information, create a spreadsheet with the following:
- When each appliance was purchased
- Make and Model of the current appliance
- Make and Model of the appliance you are considering replacing each one with
- How many years of life each appliance has left
- Multiply how many years of life left by 3.22%, which is the current average rate of inflation
- The total amount that appliance would potentially cost you
- Divide the cost by how many years each appliance has left of life expectancy
- Divide by 12 to get the monthly figure you need to add into your monthly budget now
Doing this not only helps to remove a lot of the pressure by making sure you have enough saved to replace an appliance, but you have a much better idea as to when you will need to start looking for a new appliance.
Year End/Month End
Once you have narrowed down the time frame for life expectancy of each appliance, then the real fun begins. When that year is upon you, begin looking for appliances towards the end of the year for great deals.
Most appliance manufacturers roll out their new lines in September or early October, so this is a good time to start looking. At that time, dealers don’t want to keep the old merchandise in stock because they need to make room for the new lines. This gives you great negotiating power, so don’t be afraid to haggle!
The end of the month, towards the end of the year, is one of the optimal times to negotiate because stores usually have quotas to meet also. So not only are they trying to get rid of last years models, but they also have quotas to meet. This is a negotiator’s dream because the sellers NEED us, not the other way around. Use this to your advantage to get a great deal on an appliance that you need.
If you aren’t quite ready to pull the trigger at the end of the year, don’t worry. You haven’t completely missed out on all of the great deals.
Dealers actually need us, the consumers, even more in January. This is usually one of the slowest purchasing months of the year because of the massive purchases in November and December. Therefore, stores are doing everything in their power to get to you to buy something, anything, from them.
Not only that, but there are usually some of the previous year models still available in January, but the pickings may be slim. Dealers must get rid of this inventory, so they are willing to make some rock bottom deals to get the merchandise moved. Enter you! If you can wait until the end of January, when they are also working hard to reach sales quotas, you have the possibility of walking away like a bandit.
You may not get the exact appliance you had been budgeting for, but if you can find one that is comparable and will still do what you need, then take it. By doing so, you could ultimately save yourself hundreds or even thousands of dollars. And that extra money could be put towards other appliances you also need, or something fun for you instead. The possibilities are endless!
Appliances for the Win
No matter if we like it or not, some things are just a part of life these days. Replacing appliances just happens to be one of them. That doesn’t mean that it has to hurt our bottom line any more than it has to if we budget for it accordingly.
By creating an appliance replacement plan well ahead of time, we could potentially save ourselves a lot of heartache down the line. This plan also helps us determine when we will need to start looking for appliances to replace. By knowing the “when,” we put more negotiating power in our hands to get some of the best appliances for lower prices.
So why wouldn’t we do that for ourselves?
What are some of your best tips and tricks to planning out the purchase of replacement appliances? What have been some of your best deals?