Should You Buy or Lease a Copier for Your Business?
You’re ready to invest in a state-of-the-art copier for your office, and you’ve narrowed down your search to a few models. However, there’s one decision you still have to make: Should you buy or lease the copier? If you have no idea what the right answer is, keep reading to learn the benefits and drawbacks of buying or leasing copiers.
Leasing vs. Buying Office Equipment: What’s the Difference?
Deciding whether you should buy or lease a copier is challenging for many reasons. Multifunction printers (MFPs) and copiers are expensive pieces of equipment that can set your business back tens of thousands of dollars. Making the wrong decision can put a significant amount of financial stress on your business, so it’s crucial to consider each option and choose wisely.
When you buy a copier or printer, you pay for your machine up front and own it from day one. Equipment leases are far more complicated: You have to negotiate your equipment financing options, decide on a lease term, and pick a reputable leasing company. Then, you sign a contract, receive your machine, and send a monthly payment to your lease provider for up to five years. During that time, you don’t own your equipment, but you typically have the option to purchase it once the lease is over.
Office Printer Leasing vs. Buying Pros and Cons
Money may play the most important role in your decision-making process, but there are other factors to consider when choosing to buy or lease a copier. Here are the pros and cons of each.
Pros and Cons of Leasing a Copier
There are several benefits to leasing office equipment:
- You get to spread out the financial burden: Many small businesses don’t have thousands of dollars to spend upfront to buy or lease a copier. You don’t have to put down any money with most leases—you get to spread out your payments for years.
- You don’t have to worry about outdated equipment: Leasing a printer is like leasing a car. At the end of your lease term, you can trade up for a newer, better model, which means you never have to worry about your equipment becoming outdated.
- You’re not responsible for reselling or disposing of your equipment: When your lease term is over, your provider is responsible for your equipment.
Despite its many benefits, leasing also has its drawbacks:
- You’re locked into a contract: When you sign a lease contract, you promise to pay for a certain period of time. If your needs change and you no longer need your equipment, you can’t just cancel your contract.
- It can be more expensive in the long run: You may not have to pay anything upfront, but equipment leases are often more costly than purchases because of fees and interest.
Pros and Cons of Purchasing a Copier
While leasing may be a more financially feasible option for many businesses, purchasing still has its benefits, including:
- You own your equipment: When you purchase a copier, it immediately becomes an asset for your business. Plus, you don’t have to worry about finding a provider or getting stuck with a long-term lease you no longer need.
- You pay less for the same machine: You don’t pay any monthly fees or interest when purchasing a copier outright. Plus, you may be able to take advantage of tax incentives. However, you can also write off leases, so the price difference may not end up being substantial.
- You get to choose how you maintain your equipment: If your machine breaks, you get to decide who fixes it and how. With a lease, you’re often at the mercy of your provider. Some leasing companies let you decide how to maintain your equipment, so check with your provider to see what your limitations are.
Of course, these pros don’t come without cons. Here’s why you may not want to buy office equipment:
- You may get stuck with outdated equipment: Buying office equipment is a gamble because you never know when it may become outdated. Once a newer model comes out, you may not be able to sell your machine.
- You pay a lot at once: Even if you have the money to purchase a copier now, it may not be wise to spend it all at once.
Leasing an MFP from SOS is a great way to get top equipment without draining your bank account.
Copier Lease vs. Buy Analysis: Which Option Is Right for You?
Choosing whether to buy or lease a copier is a personal decision. You have to weigh the pros and cons of each option and decide which is more important to you: owning your equipment or limiting the financial strain on your business.
If you want cutting-edge office equipment but can’t afford to purchase it, leasing is probably the best decision for you. Plus, the financial differences between leasing and purchasing are often minimal, and many additional incentives come with certain leases, including service contracts and upgrade options.
Leasing often gets a bad reputation because companies push bad equipment and unfavorable leasing terms. At SOS, transparency is at the heart of everything we do. We only let our clients buy or lease copiers from three reputable companies: Canon, Kyocera, and Konica Minolta. Additionally, we walk you through every step of the process when you buy or lease a copier to ensure you get the machine you want.
Need an expert’s opinion when deciding to buy or lease a copier? Get in touch with SOS today.
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Superior Office Solutions has been adding a personal touch to the office equipment leasing industry since 1999. With four convenient locations in the tri-state area, we provide world-class equipment and unbeatable service to over 4,000 customers.