When it comes time to get a new office printer or copier, there is a lot to consider. First, you have to determine what functions you need a new device to have. Then, you have to assess what sort of model your budget will support. And, you must decide whether you are going to lease or buy the new equipment. Since that is a lot to think about, here are some of the pros and cons to buying and leasing to help you figure out which one is the best for your company.
Buying a Printer
Whether you need an MFP for printing, copying, or scanning or just a basic printer for documents, buying a printer can be beneficial if you have the up-front capital. When you buy, the annual costs are typically less than with leasing since you are not paying interest fees, which can add up over time. If you plan to have the printer or copier for long-term use, purchasing is a great straightforward option. The downsides of buying a printer are that it requires a significant amount of money upfront and you cannot upgrade to a newer model frequently like you can with leasing.
Leasing a Printer
Now that you have determined the type of printer you need and looked at the benefits of buying, it is important to review the lease options. Leasing requires a lower initial investment than buying, making it an excellent option for small businesses or those with limited cash reserves. The set monthly payment, which can include service and maintenance fees, helps with budgeting and fluctuating incomes.
While leasing gives you access to up-to-date models with various copying and scanning options, it does also come with some limitations. Lease agreements can be lengthy and convoluted, sometimes leading to confusion. And, the costs associated with long-term leases can escalate, making it more expensive in the long run. Depending on your contract, when your lease is up, you might be required to buy the printer from the lender.
Pros and Cons
The bottom line is this—there are pros and cons associated with both options. What is most important is ensuring that you make the best decision for your business. If you need a multifunction device for copying, faxing, and scanning, leasing might be an optimal solution. However, if you have healthy cash reserves and need a basic office printer, buying outright could work in your favor. Whatever you decide, we are here to help facilitate the process.