You are here: Home - Insurance - News -

Check your warranty before replacing goods

Written by: Paloma Kubiak
Brits are throwing away more than £400m each year by buying replacement goods when the items are already covered by a warranty.

UK consumers are chucking away an estimated £423m each year by replacing household appliances and electrical goods without checking their warranties on the faulty item.

While 35% of shoppers hang on to receipts for up to two years as proof of purchase, they fail to use them when it comes to replacing them. instead, one in five buy replacement goods without checking their warranty.

According to MyVoucherCodes, over a third of UK consumers have never made a warranty claim on a faulty or broken item.

Millennials spend double the amount (£228) buying replacement goods than those aged over 55 (£108).

Millennials also said they would only consider taking back an item if it was under four months old but for those age 55+, they would take back a faulty or non-working item up to 11 months after purchase.

However, the standard warranty period in the UK is two and a half years, according to the voucher site.

More women tend to not check the warranty status when appliances stop working while men are more likely to buy new – spending double the amount (£239) for women (£152) a year.

TVs top the list of items that Brits care most about when it comes to their warranty (45%) and here are the top 10 items:

  • TVs – 45%
  • Washing machines – 41%
  • Mobile phones – 40%
  • Microwaves – 29%
  • Vacuum cleaners – 29%
  • Ovens – 25%
  • Toasters – 23%
  • Tumble dryers – 22%
  • Irons – 21%
  • Hair dryers – 19%
  • Dishwashers – 18%

Londoners are named as the savviest with 80% making savings by following through on manufacturer promises while just half of residents in the South East are doing the same.

Chris Reilly, managing director of MyVoucherCodes, said: “Checking your warranty can seem tedious, but it’s so important if you want to avoid spending money on unnecessary replacements or repairs.

“We recommend retaining your proof of purchase for a minimum of two years in a safe place, so you can easily review if required. However, if you do get caught out, be sure to check online to ensure you’re getting the best deal.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
The pros and cons of each of the six types of ISA on the market

Savers and investors now have a choice of six different ISA options so it’s important to know the pros and...