In the workplace, you may find that having a large copier is going to be the best choice for your printing and copying needs. However, making that kind of purchase is sometimes beyond the budget of a business owner, especially an owner who is just getting started. Of course, buying outright isn’t the only option when it comes to business equipment. You might want to consider choosing to lease that large copier instead. Below are some advantages and disadvantages to consider.
Advantages of Leasing
When you lease business equipment, the best advantage is that you do not need a large upfront sum of money. You may need to pay a deposit or the first month’s leasing fee right away but that’s a fraction of what you’d have to pay if you went to the store and made the purchase in full.
Another advantage is that when you’re leasing the copier is normally delivered to your business for you at no extra cost because the company wants to protect their property. If you purchase the copier otherwise, you may have to pay extra for delivery and set-up.
With leasing, you are also normally able to buy a more expensive printer because you can spread the costs out over a longer period of time. Plus, you can upgrade at any time during your leasing agreement so if a new and improve model comes out three months after you’ve gotten the copier in your office that won’t be a problem in most cases.
Disadvantages of Leasing
Despite the benefits listed above, there are some reasons to buy instead of lease. For one, if you lease you’re going to end up spending a lot more money in the long run. The payments may be lower than buying the copier outright but by the end of the leasing period you’ll have more than paid for the unit.
Another disadvantage is that you never own the property. In business, that means you can’t include the depreciation on your taxes nor can you count the copier as part of your company’s assets. If anything happens to the copier while it is in your office, you could also be held financially responsible by the leasing company.
Repairs: Another Consideration
Before you decide whether to buy or lease, you should think about the repair issue and toner cartridge cost. Copiers do have a tendency to breakdown easily – it’s in their nature. Sometimes even small paper jams require a call to technical support. If you’re leasing, you can usually count on quick service from a technician and you may not have to pay anything extra for this service. However, if you purchase the copier and don’t pay extra for the extended warranty you may have to pay for all those future repairs on your own.
If you’re trying to find the middle ground between leasing and buying, consider doing both. Lease a copier you’re considering purchasing so you can try it out on your own. If you like what you see, make the purchase.