How Long will it Last? Planning to Replace Common Items

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man repairing central AC unit

Part of financial planning is having a good sense of how much it will cost to replace your possessions when they break down or wear out. But many of the big-ticket consumer products may cost more to replace and wear out sooner than you think.

An essential part of financial planning is to replacing some of these items each year. To help you do this, here are some common big-ticket items, how long do they tend to last, and how much does it cost to replace them.

Home Appliances Lifespan Price
Window air conditioner 5-7 years $250
Dehumidifier (basement) 8 years $300
Dishwasher 9 years $750
Sink waste disposal 12 years $200
Clothes dryer 13 years $800
Washing machine 5-15 years $800
Refrigerator 9-13 years $500+
Microwave oven 9 years $150
Oven 15-17 years $500
Home Features Lifespan Price
Central Air Conditioning 7-15 years $5000
Boiler 40 years $4000
Furnace 15-20 years $4250
Garage Doors 20-25 years $1000
Wood Decks 10-30 years $7000
Composite Decks 8-25 years $7000
Asphalt Driveway 15-20 years $4500+
Water Heater 6-12 years $1000
Source: Home product lifespan estimates come from the International Association of Certified Home Inspectors. Midrange price estimates come from various sources including Consumerreports.org, Angieslist.com and HomeAdvisor.com, and do not include installation costs. Actual costs may vary.
Electronics Lifespan Price
Flat panel television 7.4 years $250
Desktop computer 5.9 years $650
Video game console 5.7 years $250
Laptop computer 5.5 years $700
Tablet computer 5.1 years $500
Smartphone 4.6 years $550
Source: Electronics lifespan estimates come from a 2014 Consumer Electronics Association survey of consumer habits. Midrange price estimates come from market research firms IHS and NPD Group, and online retailer research. Actual costs may vary.

Remember, each of the items noted above can vary greatly in price depending on your tastes and willingness to spend more. For instance, a high-end refrigerator can cost well over $ 7,000, vastly more expensive than the $ 500 noted above.

Smart Budgeting Idea

When creating an annual budget, review your appliances and note how old they are. Then develop a five-year plan to replace some items each year. Use the values ​​noted above, or estimate your own costs with a little research. This process can help reduce the risk of an unplanned expense if one of these costly appliances or electronics fails when you least expect it.


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Disclaimer

The information in this article is written as accurately as possible and to best of the writer's knowledge. However, there may be omissions, errors, or mistakes. Because of this and changes in circumstances, the information in this article is subject to change. This article is for informational purposes only and should not serve as professional, financial, medical, emotional, and/or legal advice. Readers may rely on the information on this article at their own risk, but they should consult a CPA, financial expert, or other professional for advice. Givilancz & Martinez, PLLC reserves the right to change and handle this article series, and therefore, may remove or alter any part of this article or the comments section. Any comments inserted by readers are not the responsibility of G&M PLLC and do not represent the thoughts or ideas of G&M PLLC.