When the time comes for new office equipment, the choice of whether to buy new office machines or to lease them can be a difficult one. However, there are a few criteria that can help you to make the decision.
The Initial Outlay of Money
If your company buys all of its office equipment upfront, that means a tremendous outlay of cash at the start. The amount needed for brand new equipment that is paid for up-front may be so large that some equipment can't be purchased. If your workers don't have all the tools they need to do their jobs, they can't do them as efficiently as possible. This kind of enormous expense also means that other aspects of the business aren't getting the funding they need.
Letting Assets Depreciate
Spending a lot of money upfront for office equipment doesn't mean that the money will buy assets that retain their value. As soon as office equipment is purchased, it begins to depreciate. As it loses its value, it will go a shorter and shorter distance toward trade-in if new equipment is then needed again.
Keeping Up With New Tech
If your office machines have all been purchased outright, your company is saddled with them long term to make them as cost-effective as possible. Even if a new technology comes out, your company will be stuck with the older models. When office equipment is rented or leased, it can be returned in change for other models as the technology changes. If the machines start to show some wear, new ones can be leased instead. If helpful new features are released in the latest models, you can rent those models instead of sticking with the old tech. It's a great way to keep up on the latest technology on the market without having to buy every new model that is released.
If your company could use new office equipment without being saddled with the equipment long-term, call us today about getting started with a more economical equipment lease.