North Alabama Educators Credit Union

WHEN AN IMPORTANT HOME APPLIANCE SUCH AS A WASHING MACHINE, REFRIGERATOR, OR OVEN GETS SIDELINED, YOU WANT THE PROBLEM FIXED AS QUICKLY AND COST EFFECTIVELY AS POSSIBLE. Budgeting for New Appliances The average cost of a new appliance varies based on the brand and features that you choose, while the average cost of a repair according to the National Association of Realtors ® is $254 to $275. If you're buying something new, expect to spend: → $250-$2,000 for a dishwasher → $380-$1,800 for a dryer → $340-$5,300 for a range → $400-$8,000 for a refrigerator → $270-$1,200 for a washing machine THAT RAISES THE question: is it best to invest in patching up your star player or is it time to make a trade for a newer model that you know can make it all the way to home plate? Should you repair the appliance or replace it? The right answer depends on how many years you expect the appliance to keep running and how much a repair will cost. If you find yourself in this situation, do your research. Check your warranty to see if the manufacturer covers the broken part, and find out how much the repair will cost if you aren't under warranty. A repairman should be able to give you an estimate, especially if you can identify the problem. YOU HAVE OPTIONS Consider the average life expectancy of your appliance. For example, the National Association of Home Builders estimates the average dishwasher will last for nine years, while a standard refrigerator will last 13 years. Look into repairs for appliances that are less than halfway to their total life expectancy. A single fix, such as unclogging a refrigerator's drain line, may cost about $109 according to experts on Angie's List, but a new refrigerator can run thousands of dollars, depending on the model you want to buy. If repairs cost more than 50% of the price of a new appliance and won't extend the life expectancy of your existing one, it's time to invest in something new. Consumer Reports recommends spending no more than 50% of the total cost of a new appliance on repairs over the course of its life. If you've already had to spend money on repairs in the past, add them to the tally when deciding what to do. Repair or Replac— THE GREAT HOME APPLIANCE DEBATE WHETHER IT'S TIME FOR NEW APPLIANCES OR TO GIVE THE ONES YOU HAVE A LITTLE TLC, A NORTH ALABAMA EDUCATORS CREDIT UNION NAECU• HOME IMPROVEMENT LOAN CAN HELP YOU MANAGE THE EXPENSES WITHOUT AFFECTING YOUR HOME'S EQUITY†AND WITH ANNUAL PERCENTAGE RATES STARTING AT JUST 6% FOR QUALIFYING MEMBERS. VISIT US ONLINE AT NAECU.ORG, SWING BY A CONVENIENT BRANCH LOCATION, OR CALL YOUR LOCAL NAECU TO START AN APPLICATION TODAY. Learn how to make a smart choice! 7 NAECU.ORG NOT FOR PROFIT, NOT FOR CHARITY, BUT FOR SERVICE

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