“The lifespan of large appliances is shrinking,” said The Wall Street Journal in a recent report, which means that the need to replace items like refrigerators and washing machines is becoming more frequent. According to industry experts, this waning longevity is due to “a push toward computerization, an increase in the quantity of individual components, and flimsier materials for undercutting reliability.”
Regardless of the cause, these shortened lifespans translate to people spending more money on home appliances than ever. Indeed, “American households spent 43% more on home appliances in 2023 than they did in 2013, rising from an inflation-adjusted average of $390 to $558,” said the Journal, citing data from Euromonitor International.
Keep these five tips in mind to help lessen the financial sting the next time you need to replace a large appliance.
Time your purchase if possible.
You may not have control over timing if your refrigerator suddenly stops working. But if you can exert some degree of control around when you purchase your next large appliance, it could pay off. Some times of the year tend to offer better deals than others.
For instance, September through December can provide more competitive prices “because the newer models are coming out around this time” and “retailers need to make room for them,” said U.S. News & World Report. You might also find sales around both the end of the year and the month, as retailers work “to get rid of inventory and to encourage people to make a month’s sales revenue a little higher.” Holiday weekends (like Labor Day) can offer deals too, particularly on items like fridges and dishwashers.
If replacing your large appliance can hang on until another in your household needs replacing, that can help you save too. “Buying multiple appliances at the same time (aka bundling) could lead to lower prices — or even free items — than if you buy them separately,” said Fidelity.
Do not fall into the mindset that bigger (or more high-tech) is always better.
“Not everyone needs bigger or an upgrade,” Erica Finamore, home director of Real Simple, said to The Washington Post — especially given those extras “add to the cost.” Instead, assess your needs and determine which features in a brand new appliance are really necessary to meet them. For example, “you can save money by skipping that camera that will display the refrigerator’s contents on your phone and going with a functional top-freezer fridge with a basic icemaker instead,” said the Post. Similarly, “unless you do a lot of laundry every day, you probably don’t need an industrial-size machine.”
Try not to get so hung up on appearances.
If you are willing to put up with less-than-perfect in terms of appearance, you might get a great appliance for a solid deal. “Even a small dent or scratch can dramatically reduce an appliance’s resale value and your out-of-pocket costs,” said Money Crashers.
Not getting too picky about color is another way to save. Right now, said the Post, citing Finamore, the most popular colors are “soft matte black and black stainless,” so “if you’re willing to compromise on the finish and go with, say, glossy black or white, you may be able to save.”
Use green discounts to your advantage.
Buying energy-efficient appliances offers “benefits not just for the planet, but also your wallet,” said Fidelity. Thanks to the Inflation Reduction Act, some households can qualify for rebates “for buying energy-efficient appliances, such as an electric stove, range, or oven or a heat-pump clothes dryer.” It’s also possible to secure state or local incentives, depending on what is offered where you live.
Do not skip out on comparison shopping.
When you are ready to pull the trigger on a new appliance, avoid just heading to one store and slapping down your wallet. Instead, do some research beforehand on pricing. “Independent dealers can often match or beat the price of a home improvement store,” said the Post, and you might find slightly better deals at one retailer compared to another. For example, Costco “typically sells its stock at 20% less than other stores,” said Kevin Brasler, executive editor with the nonprofit Consumers’ Checkbook.
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