That was the finding of a recent Consumer Reports study-particularly when it came to items like laundry machines, dishwashers and ovens. Even then, you shouldn't spend more than 50% of the cost of a new product on repairing an old one. After four years, you should carefully consider whether to replace the appliance.

You may have a broken appliance if: Switches stop working. They may have been damaged by a power surge. You see or smell smoke. Smoke should not come from a functioning appliance.