Vizio E-Series Backlight Failure?

I have a 32 inch Vizio E-Series smart TV that's only about a year old. Recently (within the last day or two) I noticed some flickering in the right side of the screen, looking as if someone was flipping a light switch on and off behind my screen. Today, I turned it on and the entire screen is as dim as can be. In total darkness, I can still just barely make out what's being displayed, and the TV is otherwise functional - I can run Netflix and browse the menus - but it's useless for watching anything because of the darkness. I've messed with the backlight and the auto-dimming settings and nothing helps.

I'm completely ignorant with regards to the hardware side of HDTVs, but it seems like my backlight is shot or something controlling it is. I know, this is what I get for buying a bargain brand. But is this something I can fix, or have fixed relatively easily? I'm sure Target, where I got the thing, won't help me out. But I could try my luck with Vizio's limited warranty. Or should I scrap this thing and just go with something more reliable next time? Thanks.