We recently discussed the pros and cons of purchasing or leasing a multifunction printer. In this post, we will take a more in-depth look at both options, including some questions your business can answer to help facilitate the decision-making process.
Questions and Answers
Just like you, your business is unique and has specific needs. So, when it comes to acquiring a copier, printer, computer, or any other office equipment, you must evaluate each one on a case-by-case basis. What is the right choice at the time for a new printer, might be different the next time you are ready for a new copier or MFP.
These preliminary questions can help you during your initial evaluation:
- How much capital do you have? If you purchase, the initial investment is significant. If you cash flow is tight or this expenditure will burden you, consider leasing.
- Is cutting-edge technology critical to your business? Since technology evolves so rapidly, most printers and copiers have a shelf life of three to five years before they are considered outdated. Consider how important modern performance and reliability are to you and weigh those against other considerations like budget and objectives.
- How will the total cost of ownership affect me? When buying or leasing a copier, be sure to look at the TCO and how it will impact your business. Looking at the big picture is always helpful in gaining an objective perspective.
Now that you have answered some of the overarching questions, here’s a breakdown of advantages of both buying and leasing a new copier or printer.
The biggest pro to leasing is that it involves minimal upfront costs, which is imperative for businesses short on cash flow or strategic capital management. Lease options allow small- to mid-sized access to the latest print technology with set monthly payments. You can also bundle your service and supply fees into your fixed monthly costs, helping avoid unforeseen expenses.
When it comes to purchasing, the most obvious advantage is owning your device outright—no confusing lease agreements or monthly payments; it is yours to use as long as you want or need and to resell or discard as you chose. The obvious downside to this is that it might not serve you as long as you hoped it would; however, on the up, buying straight out is typically less expensive than leasing since you can get tax breaks and don’t pay interest.
Beyond deciding which device best meets their needs, the next second biggest concern for businesses is whether to lease or purchase a device. As you can see, the answer depends on several variables and should be evaluated on a case-by-case basis. Contact us for guidance and support with this endeavor.