Nearly half of Britons claim they would try to get a major electronic item repaired if it broke, rather than splashing out on a new one, a survey has suggested.
Around 48% of people said they would get a quote on repairing items such as their television, washing machine, cooker, fridge or laptop, rather than rushing to the shops to replace them, according to high street bank HSBC.
But despite their thrifty approach, people would only be prepared to spend an average of £73 getting the items repaired, even though buying new ones would cost more than £500.
If they did have to buy new white goods or electronic goods, 41% of people said they would use their savings, while 21% would use cash or their debit card.
But 17% admitted they would use a credit card, loan or hire purchase agreement to cover the cost, while 4% would borrow money from family or friends.
Richard Brown, head of savings at HSBC, said: “The recent recession and increasing inflation together with the planned rise in VAT from January and lower disposable income means that many people will be seeking ways of tightening their belts in the new year.
“While many say they see the benefits of ‘mending and making do’, when it comes to the crunch the majority are still unlikely to pay much for a repair in comparison to the cost to replace.
“In the interest of saving money it may be wiser to pay more for a repair than to replace each time an item breaks as this could in fact save hundreds of pounds in the long run.”