We have a big house with an old furnace. Our plan was to replace the furnace next spring when our budget could better handle the cost. We do not like to have to get things on credit. We have the mortgage, but it is affordable because we bought a house needing repairs. We work on it a little at a time doing most of the labor ourselves. This year the priority was to redo the roof. A job outside of our ability, and we paid cash. Today I had to call for heating repair in Morris County NJ. I did not want to do it, but it was only going to get colder as the winter season got into full swing.
I knew that the furnace was on its last leg. When we had it cleaned and inspected last year the technician told us how it was an energy hog and was in bad shape. It was probably close to 40 years old. We had a backup plan in case we had no heat, but the forecast was for some really cold weather coming up in a few days. My wife and I decided that this would be a good use of our credit line. We needed a new furnace.
The repair person for our furnace came out and took a look. He saw the problem and estimated the repair costs. It was very reasonable. I asked him how long he thought the furnace would hold out. He thought it was a fifty fifty chance of it making through the winter or not, especially if it had to run a lot. We did not have every room insulated on this old house yet.
We took a look at the huge gas bill from last year and compared it with the savings a new furnace would provide. The several hundred dollars in gas it would save could be applied to its purchase cost. We decided to get a new furnace. The tech got our old one running with a used part. Then him and another tech came out and replaced our old furnace a couple of days later. Now it is toasty in this old house.