How To Buy a Refrigerator on a Tight Budget

Kitchen appliances are expensive, especially considering they only last 10 to 15 years on average. A new refrigerator usually costs between $1,000 and $2,000, which may not fit into your financial plans. But luckily there are ways to save on appliances if you need to replace your fridge. Here are 5 tips to help you buy a refrigerator on a tight budget without taking on debt.

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5 Ways To Buy a Refrigerator on a Tight Budget

Shop Secondhand

A great way to buy a refrigerator on a tight budget is to shop secondhand. Used fridges are significantly cheaper than new ones and may even come with a warranty. However, you can get stuck with a broken fridge if you’re not careful.

Buying a fridge from a private seller on Craigslist or Facebook Marketplace can be risky because they may lie about its condition. You’re usually better off shopping at a reputable used appliance store that offers warranties and stands behind the quality of the fridges it sells.

Buy a Scratch and Dent Appliance

If you don’t want to take a chance on a secondhand fridge, look into scratch and dent appliances. They’re brand new appliances that sustained minor cosmetic damage during shipping. Since retailers can’t sell them at full price, they mark them down by 40% to 60%. This enables you to get a new, top of the line appliance without breaking the bank.

You can find these discounted appliances at dedicated scratch and dent stores or at major retailers such as Best Buy, Home Depot, and Lowes. Just make sure the refrigerator you get comes with a warranty in case something goes wrong and it breaks.

Take Advantage of Sales

Sometimes your fridge breaks down unexpectedly and you can’t wait for a sale to buy a new one. However, if you know your fridge is getting older and you’re looking to replace it, paying attention to your store’s sales cycle can pay off.

Appliances like range of refrigerators are usually marked down the most around certain holidays, including:

Memorial Day
Fourth of July
Labor Day
Veterans Day
Black Friday

By purchasing your fridge during one of these holiday sales, you could save up to 40%. However, make sure you shop around and compare prices at multiple stores to ensure you’re getting the best deal. If you find a better price somewhere else, many retailers will match it to win your business.

Bundle Appliances

Purchasing a few appliances at the same time can lead to even bigger savings. Many retailers will give you a discount of up to 20% if you buy two or more appliances in one shopping trip. If you stack the savings from bundling with storewide sales, you can stretch your dollars even further.

Buy An Older Model

When appliance manufacturers release a new model, they often discount the previous version to get rid of inventory. Although the older model won’t have all the newest features, it will still do everything you need it to. It may even come with a warranty and complimentary installation.

If you’re on a tight budget, it can be hard to afford new appliances. Hopefully these tips will help you shop smarter, save money, and avoid debt when replacing your fridge.

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Vicky Monroe

Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.