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You may be shopping for several appliances at once when purchasing a new home or doing a kitchen renovation. While appliances are a major expense, some upfront planning can help you keep costs as low as possible and pay in cash or take advantage of the best financing options.
You should expect to pay $10,875 for a new set of appliances, according to HomeAdvisor. If that number is shocking, keep reading to see some ideal ways to budget for—and save on—appliances.
How to Budget for Home Appliances
In a best-case scenario, you'll have some time to plan before having to buy a complete set of home appliances. Saving and budgeting for appliances can take some time, but paying in cash—or using a credit card and paying off the bill immediately—means you'll avoid paying interest associated with credit. Consider using a sinking fund and setting aside a fraction of each paycheck in a high-yield savings account until you meet your savings goal.
But if you need to purchase quickly because an appliance has stopped working, financing is often available, sometimes at low cost. Some options to explore include:
- Opening a credit card with an introductory 0% APR to finance the purchase
- Exploring low-cost financing options stores offer
- Financing the purchase with a store card, which may also offer an introductory 0% APR
Getting an idea of how much the appliances you want will cost is another important factor that can help you start deciding if you can save or need to finance an appliance.
How Much Do Appliances Cost?
Knowing the general costs of appliances before shopping can help you estimate your budget and get a good deal.
|Average Home Appliance Costs
|$410 - $7,500
|$320 - $4,030
|$430 - $10,600
|$445 - $2,300
|$445 - $2,100
|$330 - $1,900
|$100 - $500
|$190 - $1,700
There are wide price ranges for many appliances due to the varying levels of quality and luxury in each appliance category. Countertop appliances, for example, might range from $15 for an inexpensive toaster to upwards of $500 for a high-end stand mixer. If you want to save the most on appliances, shopping for basic, yet well-built, appliances may be your best option. Trimming extra features can save you a lot of cost, but beware that dirt-cheap appliances may be more likely to fail or cause other issues.
How to Save Money on Appliances
There are some ways to save money on appliances, especially when you need to buy several all at once. You might save if you:
- Get a deal purchasing several appliances together. Some companies or businesses may offer discounts on complete sets of appliances.
- Shop around for sales. Appliances are often discounted during big sales on holidays such as Memorial Day or Black Friday.
- See if you can qualify for discounts. You may qualify for discounts from the seller if you belong to a group such as veterans or seniors. You may also be able to secure discounts on appliances through your employer.
- Buy used appliances. There are a variety of ways to shop for quality used appliances. Some appliance stores may offer certified refurbished appliances with a new warranty. Charity shops like Habitat for Humanity's Restores often carry used appliances that have been donated. Finally, local listings in online marketplaces may help you get a deal on your neighbor's old refrigerator.
- Buy basic appliances. A luxury oven that allows you to set its temperature from your phone or a refrigerator with a built-in touch screen may come with a hefty price tag. While a basic refrigerator may cost around $600, for instance, a refrigerator with all the bells and whistles could cost thousands of dollars. Sticking to more basic appliances can help, as long as their features meet your needs.
- Consider downsizing. If you need to replace an appliance when it's not really in your budget, consider opting for a smaller version of it. Most appliances come in "apartment size," which reduces their general volume and price. Then there are portable versions, which may come at lower costs but still get the job done (especially if you live alone). A countertop dishwasher, portable washer and dryer, mini fridge and small microwave may work for your needs.
Combine strategies for the biggest savings, like shopping for basic appliances during holiday sales. Similarly, if you intend to purchase a top-of-the-line appliance, apply these strategies to still get excellent savings on your luxe item.
The Bottom Line
Appliances are one of the bigger expenses homeowners face, especially when purchasing several at once. But there are affordable ways to fit appliance purchases into your budget.
If you need to seek financing when purchasing your appliances, try to improve your credit score before applying. The better your score, the better the rates and terms for which you may qualify.
This includes credit cards with an intro 0% APR, which can be a handy financing tool when making appliance purchases. Remember to pay off your balance during the introductory period—which may be up to 21 months long. See which cards you may match with using Experian CreditMatch™ today.