Repair or replace? That’s a big question to ask when something breaks

One of the biggest questions we ask ourselves when something breaks is if the object is worth fixing or if you should just replace it.  The question is a lot harder when the item is expensive, something like a car, furnace or air conditioning unit.

David Sant, Chief Marketing Officer for Cyprus Credit Union, joined us with some things that could make that question easier to answer.

He suggests asking yourself two important questions:

  1. How often am I paying for this repair?  If it's a one-time thing, you might be okay to repair it.  If you find yourself repairing something frequently, it might be time to start thinking about a replacement.
  2. How much do these repairs cost on average?  If the repairs aren't going to break the bank, you can probably avoid the upfront investment of a replacement.

One of the most commonly overlooked items in the home is the furnace.  If it's working, life is great in the winter; if not, life is miserable.  A broken furnace can cost anywhere from $500 to $1000 to repair.  Replacing the furnace can cost up to $6000.  It may seem logical to just pay for the repair, but the newer unit may save you money over time.  Newer furnaces are far more efficient and require less maintenance.

There are great, helpful hints on cypruscu.com. While you're on the website, find out more information about credit cards, home equity loans and lines of credit.  You can schedule an appointment with an expert to help you there as well.

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