Since last week, I did a roundup of current freezer prices and evaluated what we would use such an appliance for. We decided to go with the larger 7 foot model as I plan to keep different flours subject to spoilage and various nuts in there. Stock will be a staple freezer item as will bread, tomato sauce, and ice cream.
Based on my findings, we could get the cheapest 7 foot model at Leon's for $288. However, the brand name, Wood's, was not one either of us were familiar with. For an additional $11 a Frigidaire model at The Brick could be had for $299 and the same model was at Futureshop for $329.
So we went ahead and purchased the Frigidaire 7.2 cubic foot chest freezer from Futureshop even though it was more expensive.
Why go with the place that had the highest price? Here's where things get interesting. Futureshop offers a price match/beat on items advertised at competitors. They beat the price by 10% of the difference of the two items. So the Futureshop price becomes $296. It gets even better as I had $100 in gift cards in my wallet since Christmas that I used to bring the price down to $244 with tax.
When Trent over at The Simple Dollar purchased a freezer he went through an interesting analysis that looked at the total lifetime cost of the item to determine how much they need to save each month to make the purchase worthwhile. The calculation uses the average lifetime of a freezer of 8 years, factors in electricity usage, and the initial cost of the item. I went through this calculation as well for our purchase:
Initial Cost: $244
Electricity usage assuming the freezer will last 8 years it works to be a total of $279 KwH/year x 8 years x 14.45 cents/KwH = $322.52
Monthly Cost = $566.52 / 8 / 12 = $5.90 per month*
What this means is that we need to save more than $5.90 each month through use of the freezer to have made the purchase a worthwhile one. If we eat out one less time a month as a result of having something in the freezer we can re-heat, then the freezer will more than pay for itself. This does not seem an unreasonable scenario and I look forward to creating delicious food I can quickly and easily reheat.
There may be an additional cost associated with transporting the freezer. We can have Futureshop deliver it for $50 or rent a van from U-haul for about $30 taxes included. We will also explore the possibility of using our landlord's truck for free.