Just like when acquiring a new car, when it is time for a new office printer, you must decide whether to lease or to buy. And, just like with a car, there are advantages and disadvantages to both options. Before you make a decision, be sure to review all of your options carefully.
Critical Criteria
Buying or leasing may seem like a decision, but it affects your overall budget, which impacts your business as a whole. Here are some of the top considerations to keep in mind when updating your business systems: * Total cost of ownership: The upfront amount and the lifetime expense of the machine, including supplies. * Cost of supplies, such as ink, cartridges, and paper. * Cost of service, service contract, warranty terms, and costs. * Expectations for the volume and use of the machine; lifetime expectations.
Buying Basics
When it comes to buying, the best pros are: * Annual costs are typically lower than with leasing. * It is an ideal option for long-term needs and use. * Terms are less complicated than a lease agreement; you buy it, you own it. On the flip side, some of the cons include that fact that you must have the capital up front, and the prices are not always set, which means amounts can increase or change.
Leasing Options
If you don’t have the capital to buy a printer outright, leasing has many pros: * Minimal up-front investment makes it a good option for small or cash-strapped businesses. * You have access to the most modern equipment, which can be updated per your lease agreement. * The set monthly cost is beneficial to business with strict budgets. As with all good things there are a few downsides, including: * The cost of a long-term lease adds up and depending on rates, you end up paying more than buying a printer. * Lease terms can be confusing even for the most seasoned business experts. Be sure to review carefully and have your legal department or an attorney take a look. * There are limitations on tax deduction with leased equipment.
As you can see, there are benefits and constraints to both options. When you are ready to upgrade your business systems, look at all of your options before making a final decision. With so many makes and models available there is sure to be a printer that meets your business needs and your budget constraints. Whether you lease or buy, the most important thing is getting the right equipment to support your unique business processes.
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