Debate: Replace my 15-year-old furnace now or wait until it dies in January?

I'm sitting here looking at my old single-stage furnace from 2008. It still runs but my Edmonton bills hit $380 last month. A high-efficiency two-stage unit would cost me around $4,500 installed. But part of me thinks why fix what ain't broke? My neighbor waited until his gave out on a -35 day and paid emergency rates. On the other hand I could get another 3 years out of this one and save the cash for something else. Anyone else had to make this call and what did you end up doing?

2 comments

2 Comments

matthewgonzalez1mo ago

Did you look into whether your utility has any rebate programs? I was in the same spot last winter with my 2006 unit in Calgary. The pilot light kept flickering so I knew it was on borrowed time. I ended up replacing it in October before the deep cold hit. Yeah it was $4,200 but I got a $600 rebate from the province plus my gas bill dropped like $80 a month. The peace of mind alone felt worth it when we had that -40 snap in January. My old unit probably would have limped along for another year or two but I couldn't stand worrying every time the wind picked up. Just my two cents.

samthompson1mo ago

Play the odds and keep the old one running. A well maintained 2008 furnace can easily go 25 years, you're just barely past the midpoint. Those emergency rates your neighbor paid? That's one bad night, but you could save $4,500 now and invest it. My parents got 22 years out of their old Rheem before the heat exchanger cracked, and that was only because they never changed the filter. Run it until it dies, put the replacement money in a high interest savings account, and you'll have more than enough to cover the emergency premium if it happens.