New Home Appliances Could Save You Money

Oct. 17, 2008 — -- CORRECTION: Due to an editorial error, "Good Morning America" misidentified the price of Whirlpool's GX5FHDXV model refrigerator today. The actual MSRP cost of the refrigerator is $1549.00. "Good Morning America" regrets the error.

Are you ready to upgrade your refrigerator, washing machine or other appliances but aren't sure whether now is the time to make a big purchase?

Getting rid of your old, energy-guzzling appliances and upgrading to newer models might save you money in the long run.

"Good Morning America" technology contributor Becky Worley does the math for three major household appliances.

Frigidaire Front-Loading 14-Cycle Washer

Cost of washing machine at Lowe's or Home Depot: $698

According to Consumer Reports, this washing machine saves $129 a year in electricity and water costs compared to an older appliance

The time it takes to pay back the upgrade? (698/129) = 5.5 years

Becky's Advice: UPGRADE NOW

Whirlpool French Door Refrigerator (Energy Star Qualified)

Cost of refrigerator: MSRP of $1,549

According to Whirlpool, it saves $46-65 per year

Time it takes to pay back the upgrade (assuming you save $65 per year)? (1549/65)= 23.8 years

Becky's Advice: WAIT

Lux Smarttemp Touch Screen Day Programmable Thermostat

Cost of thermostat on Amazon was $67.23

According to Consumer Reports, you save $202 a year in heating costs

Time it takes to pay back the upgrade? (67.23/202) = one year

Becky's Advice: UPGRADE

Bosch Dishwasher Evolution 300 Series

Cost of dishwasher: MSRP range is $649 to $749, but we found it online at Lowe's for $550

According to Consumer Reports, this model dishwasher saves $51 a year in electricity and water costs compared to an older dishwasher

Time it takes to pay back the upgrade? (550/51) = 10.5 years

Becky's Advice: WAIT