Is It Better To Lease or Buy a Copier?

One of the most important pieces of office equipment a company must have is the copier. Every business needs a copier for printing, scanning, and copying documents. No business can run without it. Many companies are struggling to decide whether to buy or lease a copier. 

This article will help you make the right decision and ease your mind on what to do. But first, you must learn the pros and cons of the two choices.

The Pros and Cons of Leasing a Copier

Pros

1. The copier will never get outdated. By leasing, you can maintain your equipment up-to-date. Printers and copiers gradually become unusable if their software is outdated. When you lease, it will now be the burden of the leasing company once your copier becomes obsolete.
2. Fix monthly expenses. When you lease, you only pay for the monthly rental fee without worrying about additional costs on your budget. You can track your finances effectively and efficiently. 
3. No downpayment. Many small businesses experience cash flow issues and need to retain their cash on hand to expand. Since leases seldom require a down payment, you can buy new equipment without using up desperately needed cash.
4. Maintain your competitive edge. Leasing can help your small company acquire sophisticated technology that would otherwise be out of reach. As a result, you can keep up with your larger rivals without depleting your financial resources.

Cons

1. In the long run, you’ll ultimately pay more. In the end, leasing is almost always more costly than buying. When you buy a copier, you only have to pay once.
2. Even if you cease using the equipment, you must continue to pay. Depending on the lease conditions, you may be required to make payments for the duration of the lease, even if you no longer need the equipment, which may occur if your company closes or you opt to change your business.

The Pros and Cons of Buying a Copier

Pros

1. It’s so simple. Purchasing tools is straightforward. You decide what you require and then go out and purchase it. When you lease equipment, however, you must complete paperwork and provide detailed, up-to-date financial information to the leasing business. You may also be required to share information about how and where the leased tools will be used. Furthermore, lease terms can be difficult to negotiate, and if you don’t, you may wind up paying more than you should or receiving unfavorable terms.
2. You make the upkeep decisions. Equipment leases frequently require you to maintain the equipment following the leasing company’s requirements, which can be costly. When you purchase the equipment outright, you set your own maintenance plan.

Cons

1. The initial expense of required equipment may be prohibitively expensive. Your company may have to use credit lines or pay a large sum to buy the equipment it requires. Those credit lines and funds could be used for marketing, IT and software upgrades, advertising, or other functions that will help your business expand.
2. You’ll eventually be left with obsolete equipment. As previously stated, copy technology becomes obsolete over time. Every 36 to 48 months, a growing small company may need to update its technology in some areas. That means you’ll ultimately be left with obsolete equipment that you’ll have to donate, sell, or recycle.

Conclusion

Finally, a few simple guidelines that can help you determine whether to lease or buy. If your equipment needs are modest and you have the funds or can obtain a low-interest loan, you may opt to buy a copier. In the long term, you’ll save money.

However, if your business requires a numerous amount of equipment, such as more than ten multifunction copiers, leasing may be a better choice. After all, why would you keep a large sum of money when you could use it to start or expand your business?

If you plan to get copiers for your office in Fort Wayne, you can opt to buy copiers or lease copiers in Fort Wayne. We can give you the option to get the copier that you want.  You can contact our local copier leasing services department in your location.

If your Location is around Fort Wayne, you may call us at (260) 204-0032, our personnel for copier leasing in Fort Wayne will assist you.   If you are also looking for copier repair services in Fort Wayne, you may contact our copier repair personnel at the same number.

The decision is up to you as long as it will help boost your business and help you with your financial goal.