Refrigerators are the home gadgets necessary for keeping perishable foods for long periods.
Their in-built compressor generates air that condenses into ice which helps the foods stay fresh.
When a refrigerator is new, it is more efficient and works better than if it has run for a few years. However, it doesn’t mean that it’ll stop working or it’s damaged.
So, if you decide to purchase the cooling box, you can get a brand new one or a pre-owned fridge. But, the next question “how much a used fridge is worth”?
The cost of pre-owned refrigerators first depends on the original purchase price, brand, size, and model. However, the number of years it is run also matters in knowing the fridge’s worth. So, it’s safe to say that there is no standard price for a used fridge. Instead, it all depends on how much information you have about the refrigerator.
How Much Should a Used Refrigerator Cost?
A used refrigerator’s cost should be:
The Original Purchase Price
The price of home appliances depreciates as the years go by because of the upgrades in the newer versions. Each new version has an extra feature lacking in the previous models.
This upgrade is a result of the advancement of technology and human inventory.
The original purchase price of a fridge means the initial value of the appliance when the owner made the purchase.
This price is one factor that tells how much it will cost as a used fridge.
Are Old Fridges Worth Any Money?
Yes, old fridges are worth some cash, as long as it’s still working and looks good. The fridge’s appearance can be unpleasant if it looks worn and rusty.
On the other hand, if it appears clean and not too old, it stands a chance of being sold for a couple of hundred bucks more than its depreciative worth.
Most old fridges are sold as scrap metal if it wears and if the fridge’s parts are no longer functioning.
In some cases, the fridge’s worth might be so low that you may have to sell its parts as scrap metal.
However, make this decision only if the probability of the fridge working is zero.
One disadvantage of an old model fridge is its high energy consumption. The local power companies charge electricity at kilowatts per hour.
Sadly, old fridges tend to consume a lot of power to function. This high energy consumption will not only put a dent in your pocket, but it will also take a longer time to cool items completely.
In light of this new information, if you have to purchase a pre-owned fridge, it shouldn’t be an old model.
Newer versions conserve more energy and freeze in a shorter time. But, if you notice that your fridge is consuming too much energy, call the local power company.
It might be a sign that something is wrong with the wiring or the electric meter.
What Is The Lifespan of a Refrigerator?
A refrigerator is supposed to last at most ten years. Ten years is a long time to use a particular fridge. It is advisable to replace it before then.
The initial warranty period has elapsed, and there is a need to replace a thing or two. The hard truth is that machines are never 100% efficient, nor can they serve us forever.
Therefore, when buying a pre-owned fridge, ensure it’s not more than ten years in use. You might go through the pains of purchasing another fridge within a short time.
The used appliance’s price might be tempting because it won’t cost so much, so the price shouldn’t be a factor.
It is just a trick to lure you into making a grave mistake that you will regret sooner than later.
Of course, there’s nothing more frustrating than buying a used fridge and not being able to maximize it.
So, you must only purchase what you’re sure is beneficial to you and not an attempt to waste money.
What You Should Know Before Buying a Used Fridge?
Before buying a new refrigerator, there are some things that you should know.
- The original purchase price
- The warranty
- The brand name and model
- How many years have you used it
- How efficient it had been
- If it had developed any issues over the years.
- The used appliance’s price.
Knowing all these things will give you information about the fridge, and you can decide if you want to make a purchase.
The Refrigerator Brand or Model
Each model differs from itself because of its unique features and improved functions. Although, various brands are trying to market their products and generate revenue.
The different companies that produce the gadgets advertise their products to be the best, but that’s left for customers to decide.
Therefore, there’s room for every brand that believes it will top the market by producing the fridges.
But, unavoidably, the various available brands rise to different prices and promise to be better than the others.
To help your pre-owned fridge last longer and serve you better.
#1. Service Regularly
Every home appliance deserves to be checked routinely for any malfunction. For example, the fridge’s compressor needs cooling gas.
This coolant helps the fridge freeze items all year round.
#2. Clean Occasionally
You should take out everything from your refrigerator and clean it regularly. The cleaning rids the fridge of any smell or liquid spills in the compartments.
Note that a clean fridge smells better and is healthier than a dirty refrigerator. Clean with warm water and a washcloth.
#3. Move Gently
It is advisable not to overwork your refrigerator as it has a higher chance of malfunctioning.
Therefore, turn it on only when necessary and switch it off when the items are frozen.
It helps to conserve energy and save the cost of electrical bills.
#4. The Size
For someone with a large family, buying a small used refrigerator is not advisable. This is because a large family means more mouths to feed and more food to store in the fridge.
Thus, to check if the size of the fridge is sufficient for you.
Additionally, the size of the fridge may also determine the used appliance’s price. For instance, you cannot buy a 40 lbs used fridge for 3,000 dollars.
Although, there might be some exceptions; if the height is higher cubic feet and the weight is more.
Also, you can consider purchasing the fridge if it is less than a year and still works fine.
Even though most fridges last for about ten years, knowing the warranty period is necessary. The warranty period is the time estimate that the appliance will function without malfunctioning.
So, if the fridge is still within its warranty period, it’s better than if it’s not. You might spend more money on repairs than the cost of a new fridge.
#6. Previous Issues
Having an honest conversation with the salesperson at the local appliance store will profit you.
In addition, the highlights should inform you if there were any previous faults and problems.
For instance, if the ice maker used to be faulty, there’s a high chance that it will develop another later.
This information makes you prepare yourself for the issues that are most likely to occur.
In addition, it keeps you from being stranded because you’ll make adequate preparations for the day it breaks down.
How To Calculate a Used Fridge’s Worth?
To know a refrigerator’s worth, first, you need to know the original purchase price. Next, you confirm the serial number on the back of the fridge and the model number.
Finally, the year of manufacture, capacity, and size put together will give you an idea of the cost.
If the fridge was worth 1,500 dollars two years ago, there must be a decline in the price.
This decline is because of the competition in the market and the production of newer models.
Additionally, confirming the current price in the market is another way of knowing how much the fridge is worth.
As the years advance, there’s a 10% decline in the price of refrigerators. The cost only reduces by at most a hundred dollars in ten years.
The availability of newer models does not imply that older versions are useless.
In conclusion, the cost of a pre-owned fridge depends on the original purchase price, the brand, and the years of use.
Other factors like the size and appearance also matter in determining the fridge’s worth.
Buying a pre-owned fridge has quite an advantage; it saves cost and should be reliable, but nothing beats a brand new fridge.