On a daily basis, adults are faced with any number of problems that need to be tackled. From what you’re having for dinner to talking your pubescent child off a ledge, you’re tasked with an ever growing pile of issues and decisions. Add your work life into the equation and it’s no wonder many of us open a bottle of wine or whiskey on a Friday night in an unfruitful attempt to unwind.
An issue that happens more often than most would like is whether to fix or replace something. The short term cost to do one or the other is the most important factor but it’s not the only one. There is something else that must be considered and removed from the equation when possible. I’m speaking about the emotional cost.
Emotions are tough to factor in when the opportunity to buy something new becomes an option. Whether you’re tired of the current appliance that’s on the fritz or you justify the purchase of a new car because the tires are balled, there’s almost always an emotional reason that can be justified in your mind when something breaks.
The justification and elation you associate with the idea is greater depending on the item. Not many of us get too excited at the thought of a new dishwasher or microwave; however, a new refrigerator with a TV embedded in the door and a temperature controlled meat drawer can begin to get some of us downright giddy.
Speaking of refrigerators, the ice maker in our fridge recently stopped working. At 10+ years old, it was only a matter of time before that or something else was going to break. As most of us would do, I called a technician to my house so they could diagnose the issue and give me an idea of the damage and whether it could be fixed.
After assessing the issue and running some diagnostics, he was able to conclude one of the fans wasn’t working properly. Although he wasn’t positive, he thought this would most likely fix the problem. The total cost for labor and replacement of the fan was $380. He also mentioned if that didn’t work, a new door would be needed costing an additional $500. Yikes!
Long story short, we had him move forward. The fan seems to have fixed the issue as the ice maker has now been working for the last week. So, why did I decide to fix it instead of replacing the fridge altogether? When it comes to fixing or replacing, sometimes you’re playing a game of chance.
On one hand, to replace the fridge I have with a new one of equal value would cost me around $2K or more. To replace the fan and perhaps the door, would cost me no more than $900 all in, a savings of $1,100 in the short term. Could something else go wrong? Of course, and that’s the little game we all have to play when you’re considering whether to fix or replace.
If your car needs new tires, that’s not a good justification to buy a new one. You can replace the tires on your car for anywhere from $400-$1000 depending on the type of car you have. You would be able to get them even cheaper if you were in dire straits and had to buy from a salvage yard. Paying $40K for a new car instead of $1K for tires cannot be justified outside of an emotional desire to make the purchase.
Replacing the engine on the otter hand, that’s a whole other matter. This is where the emotional decision comes back into play. If you’ve driven your car for 15 years and simply don’t want to get rid of it, no matter the cost or issue that arises, you’re making an emotional decision to fix the problem. Personally, I’d be hard pressed to replace the engine on any car, unless the make and model starts with 1963 and ends with Corvette Stingray.
It’s easy to say the concept of fixing something rather than replacing it should be approached from a strictly financial perspective. This is easier in the case of appliances, TVs, vacuum cleaners, etc. Although, this may even be challenging.
What if you’re faced with the idea of replacing your “MeMaw’s” vacuum? The same one she gave you as a wedding gift 20 years ago? What then?
They say a good cry always helps. You can use your new vacuum to suck up any of the tears.
