Leasing a multi-function printer is a great decision for your business if you need a durable machine that provides prints, scans, copy, and faxing ability. While leasing a copier/printer is the more popular option, you can also opt to purchase in full. In this article, we go over the pros and cons of leasing and purchasing so you can make the best decision for your business and your budget.
About 97% of our customers opt to lease their copiers. Here are the pros and cons to consider before deciding whether leasing is right for your business needs.
|Toner is included and automatically shipped, eliminating supply worries.||You are in a contract.|
|Service technicians and parts are included.||Interest charges do apply.|
|There are possible tax advantages and flexible contracts.||Property tax exemption may not apply.|
|Affordable monthly payments.|
Being in a contract may worry some, but the contract options are flexible. Your sales rep will make sure you get a contract length that suits your needs. You are also able to upgrade or add accessories to your contract at any time.
Another benefit of leasing is apparent when your machine gives out. If you bought that machine, you’re stuck with it. In a leasing contract, you will always have a working machine and service technicians at your disposal.
While we usually recommend leasing for your business needs, there are some cases when you may want to purchase instead of lease. Below are the pros and cons of purchasing a copier/printer.
|Chance to recoup part of your investment; used printers can be sold if no longer needed.||Not as easy to budget for.|
|Purchasing costs less money if you have the cash flow to purchase upfront.||When the printer is outdated or no longer functioning properly, it is up to the company to replace it.|
|The expense of purchasing a printer outright is too much for some businesses to handle.|
|Printers are a depreciating asset, therefore trade-in value may be lower.|
Purchasing may be a better option for you if you're a small business who rarely prints or scans. Or if you're a new business and are trying to keep recurring costs down, now might not be the best time to lease a printer/copier.
When determining what is right for you, you should keep these 3 things in mind:
1. Assess Your Needs
Look at the production needs of your office, and the number of employees using the copier. Also, keep in mind your projected growth.
2. Determine Contract Terms
Term length will determine monthly payments, interest, and depreciation. Most lease terms are between 3-5 years. Make sure the lease includes the service agreement.
3. Clarify Everything
If you have any doubts or concerns, address them before you sign anything. Do not sign without reviewing. Make sure you understand any hidden fees. Check out this article we wrote about hidden fees you want to watch out for. (link)
These are three things you’ll want to understand and discuss with your sales rep when deciding whether you want to purchase or lease. Leasing will usually give you the best bang for your buck, but there are times when purchasing makes more sense.
Make sure you understand the cost of purchasing and leasing before your first meeting with a sales rep. This way, you'll have a better understanding of what you should be budgeting.