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.

Repairman or technician is usually the term used for people who specialize in appliances. A handyman is a person who does general repairs on everything from electrical appliances to household equipment and structural defects.

While the average cost of appliance repair is $65, the price can range from $45 to $120.