You can start by getting a "Kill-a-Watt" meter, which monitors the actual energy usage of an appliance. (I bought mine at Harbor Freight.) Plug the fridge into it for a day or two and see how much juice it used. If it doesn't work out to over $40/day, it's pretty hard to say you'll save that much with a new refrigerator.
By the way, my wife insists on having three refrigerators and a freezer. Two of the appliances are less than ten years old, while the other two are over twenty. My electric bill in months without air conditioning runs about $125. Assuming lighting, electric ovens, water pump, air compressor, microwave and other loads account for 25 bucks, that tells me my four major appliances average $25 apiece to operate.
Here in Motown, Detroit Edison will pay you 40 bucks for your old refrigerator, which doesn't go very far against the purchase price, but at least they take care of disposal. While checking on this, I found a chart that shows typical refrigerator operating costs by size and vintage.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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