This paper considers the Component-as-a-Service (CaaS) model in the context of circular economy R-strategies, focusing particularly on the selection of suitable washing machine components. The aim is to develop a tool that uses a multi-criteria decision-making (MCDM) approach to help identify the most appropriate components for service-based business models. Through a literature review, we have narrowed the selection process down to three key criteria to provide actionability and simplicity, such as Critical Raw Material (CRM) content, market value, and disassembly time. These criteria reflect environmental and economic priorities and are aligned with reuse, repair, remanufacturing, and refurbishment strategies. Empirical experiments were conducted on component disassembly and market analysis to determine component value, as well as scanning electron microscope analyses to assess critical material content. Evaluating multiple components using the MCDM approach highlights which parts offer the greatest potential for integration into CaaS. The results provide manufacturers with actionable solutions to support the transition to circular business models. The washing machine case study can be used as an example for other appliances and industries looking to adopt circular business models.