When it comes to deciding whether to repair or replace a refrigerator, there are a few things to consider. As a general rule, if you have multiple faulty parts or your refrigerator is over ten years old, it's probably time to get a new one. Consumer Reports suggests replacing the refrigerator if the cost of repairing it is more than half the cost of buying a new one. Additionally, if the unit is more than 15 years old, you should consider replacing it.
Newer models are more energy efficient, which can help you save money in the long run. Additionally, if the freezer stops working, replacement is likely your best option. When an appliance is old and not working efficiently, it may be more cost-effective to replace it rather than repair it. In fact, 27 percent of Consumer Reports members who discarded their refrigerator instead of repairing it mentioned expensive repair costs as their reason for doing so.
If you know how to use a socket wrench, you may be able to perform simple appliance repairs yourself and save on labor costs. Most appliances come with a manufacturer's warranty that will cover the cost of repairs one to three years after the initial purchase date. The closer your appliance is to its hypothetical expiration date, the wiser it will be to replace it rather than repair it.