You might determine the value of a used refrigerator if you are updating your kitchen appliances and want to sell your old refrigerator or if you are in the market to purchase a used refrigerator and want to make sure you are paying fair market value. When determining the value of a used refrigerator, it is important to note that refrigerators hold their value better than many other electronic devices because virtually every household utilizes refrigerators. You can determine the value of a used refrigerator by doing some fairly easy research.
Find the name of the manufacturer, the model number and the manufacturing date of the refrigerator. Pull the refrigerator away from the wall, and look on the back of the appliance for a plate that lists who made the unit, when it was made and the refrigerator's model number.
Check the condition of the refrigerator. With the refrigerator plugged in, check that the cooling systems in both the refrigerator and freezer compartments work properly. Change the cooling and freezing temperatures to make sure they work by raising or lowering the cooling and freezing temperature with the knobs in the back of the refrigerator compartment.
Determine how much your refrigerator is worth if someone would buy it new today. Call your local appliance store and give them the make and model of your refrigerator and inquire about a price. If the store no longer has your appliance in stock, ask how much it would be to special order it. Use appliance purchasing websites or online appliance stores to search for the prices of the make and model of your refrigerator. Acquire three different estimates and find the average of the three by adding up each dollar amount and dividing that number by three.
Consider your refrigerator to be worth about half the value of the new appliance of the same model, if your refrigerator is in pristine condition and works perfectly. Add 15 to 20 percent of the value if your refrigerator model is still available for sale new in stores. Deduct money for a refrigerator that does not have all the parts working on it or has scuff marks or dents. To determine how much to deduct, search for the price of the part that would need replaced and subtract that amount from what the value would be otherwise. If the unit has scuff marks or dents, deduct 15 to 20 percent of the value.
Check the prices other refrigerators of your same make, model and age. Check newspaper and online classified listings for the make and model of your refrigerator. Consider the conditions of the refrigerators listed for sale, and find the price of one that is comparable.
Average the amount you come up with in Step 4 with the amount you compute in Step 5. Add the two amounts together and divide by two. This is the approximate value of your used refrigerator.