Which type of appliance repair will cost the most?
The number of people who need home appliances repaired is rising, with one in five Americans saying they have bought a new home and needing an appliance to do so.
But many of those consumers may not have the financial means to repair them themselves, according to a new report from Consumer Reports.
Consumer Reports has identified more than a quarter of Americans who are looking to upgrade to a newer model of appliance in the next few years, but the survey also revealed that almost half of consumers have no idea how to repair their own appliances.
The survey of more than 1,200 people, published Thursday, also found that nearly two-thirds of consumers were not aware of the repair options available when it comes to the repair of appliances.
While there are many products that can be fixed and reused, a recent survey by consumer research firm NPD Group revealed that just 23 percent of consumers said they could repair a refrigerator and 20 percent said they would be able to repair a dishwasher.
Consumer groups and experts have warned that the rising cost of home appliances could make the repair process harder for some, including people with disabilities.
In recent years, the cost of the most popular home appliance repair has skyrocketed, with a whopping jump in the price of a new refrigerator.
The cost of a dishwashing machine has jumped more than 70 percent in the past decade, according a recent report from the National Association of Home Appliance Installers.
The report, however, does not look at the cost to repair appliances on a financial level, instead looking at a consumer’s overall financial situation.
The Consumer Reports study also found many consumers have not considered the long-term financial implications of a purchase, such as a home renovation or replacement of a worn-out appliance.
One in five consumers said a new appliance would cost them $1,500 or more.
Some had no idea what to expect from a new model and had a hard time deciding if it would be a good investment or a drain on their budget.
More: Consumers say they don’t have time to think about buying a new product