May 23, 2022
Buying Vs Leasing Copiers
One of the decisions that you'll likely have problems with is deciding whether you should purchase or lease a printer or copier for your business.
Is it wise to lease or buy?
If you're unsure, then you should know that this is a common problem. We are asked about this on a daily basis by our clients and the truth is, the correct answer would be different for each business.
Pros Of Leasing
- When you lease, this always ensures that the copier or printer that you get is always up to date. This is important because these type of equipment quickly become obsolete. So, when you lease, you won't have to deal with this problem.
- Always be aware of your monthly costs. The cost of leasing will always remain set which will enable you to keep your budget more stable.
- Avoid down payment. A lot of small businesses have issues with cash flow which means that they need to keep as much of their money so they can grow. Fortunately, when you lease a printer or copier, you won't need to pay a down payment. This allows you to get the equipment your business needs without having to part with a lot of cash.
- Keep up with competitors. Thanks to leasing, you'll be able to get the most up to date technology that would be too expensive for you to purchase outright. Thanks to this, you'll be able to keep up with other competing businesses and even larger businesses without having to spend a lot of money.
Cons Of Leasing
- Over time, you'll spend more money. In the end, leasing a printer or copier would be more expensive in comparison to buying one. To put this into perspective, a copier may cost $4,000, however, if you lease that same copier for $140 per month for 3 years, you'll end up spending $5,040. This is much more than if you purchased the copier for $4,000.
- Even if you're not using the printer or copier, you'll have to continue paying for it. According to the terms of your lease, you will likely need to continue making payments for the whole lease period. This can be a disadvantage if your business changes and you don't need to continue using the printer or copier.
Why You Should Buy A Printer
- It is simple to buy. Purchasing equipment is very easy to do. All you need to do is figure out what you require and purchase it. However, when you lease, you will need to provide accurate financial information, do paperwork and meet all the requirements of the leasing company. You will also need to let the company know how their equipment will be used as well as where it will be located.
- You can freely maintain your own equipment. If you're leasing a printer or copier, then you will need to perform maintenance in strict adherence to the rules of the leasing company. This is potentially quite costly. However, when you buy your own printer or copier, you will be able to set your own maintenance schedule.
Issues With Purchasing A Printer
- The amount of money that you'll need to purchase may be too high. This can be quite financially stressful for your business and you may need to use up your line of credit. This money or credit can be used in more crucial areas of your business such as marketing, IT etc.
- Outdated equipment. When you purchase a printer or copier, you'll be stuck with old technology after some time. A business that is growing needs to have updated technology every 3 to 4 years. So, you'll have to either sell or donate your old printer and get a new one.
Please contact us or call now if you need help with your decision whether you will buy or lease a printer. We’re always here to help you! Visit our blog for more related articles.