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Appliance Replacement: When To Do It and How to Afford It

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Having reliable home appliances — like a refrigerator, dishwasher, or washing machine — can be considered a necessity. But these appliances tend to break down at the most inconvenient times. After all, your appliances may only last a decade or so. To avoid an emergency scenario, it’s a good idea to plan ahead for appliance replacement. That may involve recognizing the signs of an impending breakdown, as well as setting aside money in your budget, shopping during a sale, or exploring appliance financing options to make replacement more financially feasible.

To help you prepare for eventual financing replacement, let’s take a closer look at exactly when you should look for new appliances and how to get the best deals.

When Is the Best Time to Replace Your Appliances?

There isn’t necessarily just one answer to this question that will ring true for every family. However, you should start thinking about appliance replacement if a major appliance is nearing the end of its life cycle or has been repaired several times in the past without much improvement. You may also want to begin the appliance replacement process if your energy or water bills are on the rise without any other explanation. Since Energy Star appliances use between 10% and 50% less energy than standard appliances, having an outdated appliance could be causing your monthly expenditures to skyrocket. Newer appliances tend to be more energy-efficient, so it stands to reason that appliances nearing the end of their lifespan would also cause your bills to be higher.

Even if you aren’t experiencing these problems quite yet, there still might be a good reason to shop for new appliances. When a new appliance line for the next year is released, you can expect prices to drop on models from the prior year. You should also consider shopping for replacement appliances around certain holidays (like Memorial Day, Labor Day, Veterans Day, or Black Friday), as many stores will offer substantial discounts. If you’re already in the market for a new appliance, you should try to time your shopping trip around these events.

What Are Other Ways to Make Appliance Replacement More Affordable?

Keep in mind that you don’t have to purchase an appliance during a holiday or after a new release just to keep costs manageable. Whenever you need to replace an appliance, you should ask about financing for appliances. Programs that offer financing for appliances will allow you to pay for this purchase over time in more workable installments. That way, you can bring your appliances home with you and start using them right away without having to pay the total cost upfront.

There are different methods of financing for appliances. While some retailers require you to open a credit card to pay off these purchases, Okinus stores have lease to own programs. This type of financing for appliances actually offers more flexibility than other kinds of purchases. If you decide the appliance isn’t the right choice, you can stop your monthly payments and return the appliances to the store. But if you continue making monthly payments as part of the agreement, you’ll eventually own your appliance outright. This can be an excellent option for those who don’t qualify for in-store credit cards, those who have poor credit, or those who don’t have the funds available for a large down payment. Although this won’t provide a discount on the overall cost of the appliance, it can make purchasing a new appliance far more manageable.

Knowing when to replace your existing appliances is half the battle. You’ll also need to know how to make this purchase feasible from an economic standpoint. By shopping at the right time and exploring financing options, you’ll be able to replace your appliances before they break down and do so in a way that’s affordable. To learn more about financing for appliances, please contact Okinus today.