When it comes to business, even in the digital age, printers and photocopiers are still crucial tools to have at your disposal. However, when it comes to printers and copiers there’s always one important question: are you going to lease or buy your equipment? There are a wealth of benefits and drawbacks for either option, so let’s take a look.
Leasing Your Equipment
Leasing your copier or printer is a relatively straightforward agreement whereby an individual pays a regular payment to a lessor for the use of a specific asset.
- Leasing allows you to purchase the latest model without having to pay a huge, one-off sum at the outset. This ensures your equipment can deliver high levels of performance to keep your business competitive.
- As leasing grants you the use of new equipment, you’re going to be using it during its most trouble free period so downtime and the need for maintenance is severely reduced.
- There’s no need to worry about depreciation on the value of the copier or printer, when you want to upgrade you simply lease a new model without losing any of your initial investment.
- In the long run, the costs involved in leasing a printer or copier will usually exceed the costs of taking out an equivalent loan.
- Any damage to a leased piece of equipment can sometimes lead to additional costs
- There are usually limitations related to using a leased copier or printer such as amount of copies printed per month or toner levels that need to be adhered to. Exceeding these can result in payment penalties being imposed on the leasee.
Buying Your Equipment
Buying your copier or printer is exactly what it says it is, you exchange a one-off amount of money for the exclusive use and ownership of the asset.
- You own the product outright and, therefore, you’re free to do whatever you want with it. You can print as many sheets of paper you want and use as much toner as necessary without the threat of penalty payments.
- Being able to sell the equipment whenever you want grants you a level of flexibility which is highly attractive for businesses.
- Buying a copier or printer may feel costly in the short term, but in the long term you stand to make significant savings when compared to leasing agreements and loans
- When you purchase a printer or copier outright you’re immediately tying up a large amount of cash in an asset. And the value of that asset is only going to depreciate.
- Copiers and printers don’t last forever and, at some point, you’re going to need to replace your equipment. Not only do you have the inconvenience of disposing of the equipment, but you also need to ensure funds are available to purchase new again.
- Due to the costs involved in buying, it’s common for owners to hang on to copiers and printers to get their money’s worth out of them. Unfortunately, this often lumbers the owner with out of date technology.
When it comes to deciding on whether you will lease or buy then it’s impossible to say that one is necessarily better than the other. It depends entirely on your particular situation, so it’s important that you determine which option is most cost effective for your business.
We, The Digital Office UK Ltd, have had involvement in all aspects or copier sales and leasing and can help guide you through the process to find the best outcome for your business. Don’t hesitate to get in touch if you have any questions.