Leasing a copier instead of purchasing one can be a great decision for some businesses. Copier leasing can help save you money and give you many unique benefits. If you’re trying to decide which is the best choice for your company, ask yourself the following questions.
Does it make sense financially?
The decision to lease or buy a copier is often primarily a financial one. In order to buy a copier, you will usually need to come up with a large sum of cash or be able to obtain financing. For some businesses, especially those just starting out, this is not always possible. Copier leasing allows you to pay one predictable monthly sum, making it easy to plan your budget accordingly. At the end of your lease term, you’ll be able to decide whether you wish to continue with the same lease, renegotiate the terms, or take the plunge and buy a copier. Another benefit to copier leasing is that it will allow you to write off the lease payment every month as an ongoing business expense. There are many other facets of copier leasing that can affect your bottom line, so be sure to pay attention to terms relating to buyouts, early termination, and insurance.
Would I benefit from frequent upgrades?
Copier leasing involves essentially renting a copy machine for a set term. At the end of the lease, you can choose to keep your current machine or upgrade to a newer model. Following this path will allow you to trade up for a more efficient copier with new features, sometimes as often as every two years. In contrast, when businesses buy a copier outright, they usually keep the machine for many years until it wears out completely. This means that a company may have to contend with using a machine that is outdated and may struggle to keep up with the demands of the industry. To help you decide which choice is best, it is helpful to look at the types of projects you do in your office. If you primarily need to print and copy basic documents, a cutting edge machine may be more than you need. On the other hand, if you do a lot of scanning, creative projects, or just generally print at a high volume, upgrades may make your life much easier.
What kind of service and maintenance do I need?
Maintaining the functionality and value of your copier is vital to your productivity, no matter whether you lease or buy. Copier leasing usually has the added benefit of a service agreement, meaning the company you lease from will be there to assist you with repairs, replacement of parts, and preventative maintenance. Plus, if your copier happens to die completely, the service company will most likely bring you a new one ASAP. When you buy a copier, you will likely still have the option of paying for a service agreement or warranty, but it will often cost more than it would through a lease. Perhaps you or one of your employees is a copier guru and can handle the repairs and maintenance required to keep your copier in tip-top shape. If so, a service agreement may be superfluous. For most businesses, however, this is not the case. Any problems with the copier usually require help from professionals.
There is no simple, correct choice when it comes to deciding between copier leasing or buying. Your financial situation, need for up-to-date technology, and preference for service agreements will all factor into your decision. If you need more help, check out this guide to Leasing vs. Buying.
