Thrifty Thinking: Extended Warranties and Repair vs. Replacement

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Buying a power tool or an appliance is a pretty hefty investment. Most of the time, when you buy them, you're offered some sort of extended warranty (or you're offered it again at the time when the original warranty expires). But it's not really always a good idea. If you saved all the money you would have spent on extended warranties, the majority of the time you will easily pay for any repairs or replacements that might have needed to take place between the time the original warranty ran out and the end of the extended warranty.

So when you have an appliance or tool that's broken, most people will replace it, but that's not always the best choice. It creates extra trash, a poor choice for the environment if it's still salvageable. Plus, it might be cheaper to repair. And if you're handy, you don't always need a repair man. Many sites sell replacement parts for a wide variety of brands, including Milwaukee tool replacement parts, parts for grills, appliance parts, even replacement parts for exercise equipment. Obviously some repairs are best handled by qualified repairmen, but if it's a simple repair, you'll save money by buying the part and doing it yourself.