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How Much Does a Mini Fridge Cost? (For Purchase and Monthly)

Many people use mini fridges in their homes. It is the perfect storage space for drinks, snacks, and small refrigerated items that someone might want to keep in their room. College students and homeowners alike can appreciate these appliances. 

There are a lot of factors that go into the overall cost of a mini fridge. Some of these include:

  • Whether you are renting or buying the mini fridge
  • The cost of your electric bill
  • The extra amenities that your mini fridge has
  • The brand that you decide on

Keep on reading to learn more about the prices associated with purchasing a mini-fridge. Many factors can influence how much you pay, so it is up to you to decide what is worth it for the money that you are willing to spend.

A mini fridge in the corner of a room

Cost of Buying a Mini Fridge

Buying a mini fridge is a worthwhile investment if you need a place to store cold beverages. It is an easy process, and you do not need to worry about returning it to someone in poor condition if something happens to it on the way. The average cost of renting a mini-fridge falls between $50-$80. 

The more accessories that you place on a mini-fridge, the more expensive it will become. A mini-fridge with a freezer or an ice maker will cost more than one that only has a simple refrigeration function. Check out these features carefully when you are looking at mini-fridges.

Some quality mini-fridges on the market:

Vevor Mini Fridge

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AstroAI Mini Fridge

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Black + Decker Compact

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These are great fridge options. As you can see, the prices can vary widely. The last one costs the most, but it is the most energy-efficient and has other accessories that make it worth a bit more than the others. Other mini fridges can get much more expensive, landing at outrageous prices that only the rare few will pay.

Ultimately, your individual needs and preferences will determine which mini fridge is best. Some are simple yet functional in design, while more expensive mini fridges provide unique accessories and features.

Personally, I would choose the Black and Decker model. It is a brand I have trusted for years, and I would expect them to stand behind the quality of all of its products, fridges included. Even so, if I were in the market for one of my daughters, I know they’d love the budget-friendly AstroAI.

With a mini-fridge, there is an additional factor to think about as well. This item is the electrical cost. Since the item is plugged into the wall, it requires electricity to run. You cannot have a solar-powered fridge. Thus, you need to pay money every year based on the amount of electricity that your mini-fridge uses.

Additional Costs Associated with a Mini Fridge

With a mini fridge, there is an additional factor to think about. This is the electrical cost. Since the item is plugged into the wall, it requires electricity to run. You cannot have a solar-powered fridge. Thus, you need to pay money every year based on the amount of electricity that your mini fridge uses.

Here are a few of the approximate values you might need to pay with a few mini fridges:

FridgeWattsEstimated Annual Electric Cost
Insignia Mini Fridge with Top Freezer120 Watts$38.52
Frigidaire Mini Fridge100 Watts$26.00
RaySonics Compact Refrigerator 100 Watts$26.00
Liebherr UR 500 Mini Fridge90 Watts$24.00

You will need to pay this amount every year unless you plan on turning your fridge on and off whenever you can. It is not a lot of money, but if you are tight, it can mean the entire world to your savings. Make sure that you set aside a little money so that you can come back here if and when you need a little help.

There might also be some costs for repairs. Mini fridges often break, and you will need to take it in somewhere to get fixed. Sometimes, it might cost less to get rid of the whole fridge and simply invest in a new one. You can decide this based on an estimate that a repair person gives you.

Is Buying a Mini Fridge Worth It?

With these extra costs, you might wonder if buying a mini-fridge is worth it. This decision depends on a lot of factors. For the most part, however, they are worth it. This statement is particularly true if you are living by yourself and do not have any need for a large fridge.

Mini fridges are definitely worth it. They are low cost and are an amazing convenience to have around whether it is your only fridge or in another part of your house that it would be nice to have refrigeration, even if it’s just for a few cans of soda or beer.

Here are some great things about mini fridges:

They Are Affordable

Mini fridges are affordable. If you are living on your own, you understand that every expense can add up quickly. A massive fridge is often unnecessary in a small space. The electric bill can be massive, on top of the initial cost, which can be hundreds of dollars. 

With all the money that you save, you could:

  • Save up for the future that you have planned in your head
  • Buy a coffee every single day before a hard day at work
  • Pay off your student debt that has been sitting there since you graduated

These items are more valuable than paying for a fridge bill that you do not need. If you are not cramming that fridge full with food every single week, you are not using as much as you are paying for. This is where the mini fridge comes in.

A mini fridge is often less than a hundred dollars a year. With an electrical cost of under forty dollars on top of that, you will be paying significantly less for a mini fridge than a regular fridge. All you need to worry about are groceries and how you can pack the cold items inside of it.

They Fit Anywhere

Mini fridges can fit anywhere. It does not matter how big or small your space is, the mini fridge will have a place where it can be plugged into the wall and utilized.

This is great for:

  • College students that do not have a lot of space
  • New apartment owners with tiny floor plans
  • Single-bedroom renters who need a place to refrigerate items

This item is worth it because you can take it with you through all stages of life. It will fit in any living space, big or small.

They Can Be Moved 

If you move, a mini fridge can easily fit inside any car or moving vehicle. A regular-sized fridge, on the other hand, takes up a lot more space.

A mini fridge is worth it because it is very portable. This can come in handy during the busy years of your life when you are establishing who you are and where you are going to live.

Even if you have a larger mini fridge, it is still small enough to be shifted by one person. You should have no trouble at all transferring it from place to place, even if you are just one single individual.

They Last a Long Time

Even though mini fridges are small, they are very durable. The average lifespan of a mini fridge is around 6-14 years. Most places recommend that you replace them around ten. You can be the judge to see when your mini fridge is in need of replacement.

Minimal replacements are good because:

  • It will keep your cost of living down overall
  • It is cheaper than a regular fridge that runs all day and night

You can get a lot of wear and tear out of a mini fridge before its lifetime is up. Any device that lasts around ten years is sure to give you a great experience while it is on its way. That means that it is quality.

Ensure that you research your mini fridge beforehand. That way, you can get the most durable and quality mini fridge possible for your space. Pick something that you will not mind getting stuck with for the next ten years.

Cost of Renting a Mini Fridge

Most mini fridges cost around $10 a month to rent. This is a great choice if you are in an impermanent living situation, like an apartment or a college dormitory.

Mini fridges can be rented for varying amounts. Many companies will give them to you, so it is up to you to do your research and decide if a seller is trustworthy. You do not want to pay more than your fridge is worth.

A few examples of fridges that you can rent and their monthly cost includes:

  • The Microfridge, rentable for about $95.00 for a year
  • The Insignia on FlexShopper, rentable for about $9.00 a week

The top model would typically be best used by a college student. The bottom is every week. Each does not include the cost of electricity in a home or prices that might need to be paid for damages.

Each of these can carry on in price until you are done using the product. When you are finished renting, the cost goes away, and you return the piece clean.

All in all, renting a mini fridge is not worth it unless you are a college student. If you need a small fridge and you are on your own, opt to buy one. There is no reason to waste your money month to month when there are plenty of good options for under $50.00. Buy a mini fridge and start keeping your food cold.

Best Brand of Mini Fridge

Three Mini Refrigerators

Whether renting or buying, there are a few brands of mini fridges that rise above the rest. You should look into these to see if there are any that you would enjoy. Each of them might work best for different purposes. 

Some of the best mini fridges on the market include:

  • VEVOR Mini Fridge, which is one of the most energy-efficient models on the market
  • AstroAI Mini Fridge, which will give you the most bang for your buck and is available in multiple stylish designs
  • Black & Decker Compact, which is one of the most high-quality mini fridges that you can get

These are excellent choices for a mini-fridge. They each have varying things that make them stand out against the competition. The best overall is the energy-efficient variety, but all of them can serve you well in the long run.

Many other brands will give you a quality mini fridge experience. There are a ton of details you can look into, from freezers to ice makers. You can pick from classy and simple, bright and plain. There are so many items to pick from.

Final Thoughts

A mini fridge can have varying costs depending on a variety of different factors. Renting and buying are both useful methods for obtaining a mini fridge for your home. Each one has a different price range. Renting might be better for some, while buying is better for others. It is ultimately up to you to decide based on your needs and preferences. 

While having a mini fridge can run up the electric bill, it might be worth it if you are using it instead of a larger fridge. The smaller you go, the more money you will save. It all depends on the situation that you are currently in. Only you can truly determine if a mini fridge is worth it for you.

Thanks for reading!

For more, check out How Long Does Fridge Food Last Without Power? | What to Do.