The biggest consideration for most businesses is whether to lease or purchase new office equipment. Before you make that decision, here are three important factors to consider:
Your Financial Situation
Buying a copier or printer outright is a huge expenditure for many businesses, particularly small-to-mid-sized businesses that lack capital. Before ruling this option out as cost-prohibitive, examine your budget and cash flow to see if it is a feasible option.
If you cannot purchase outright, leasing might be a better option. While a set monthly fee is helpful, leasing can often cost more in the long run. When considering these options, look to both your short- and long-term financial forecasts.
Your Expected ROI
While modern office equipment boasts many features, those features don’t come without a cost. New functionality can help bolster your projects and streamline your system, but it is essential to weigh the cost of those tools.
When you lease, you spread payments out over time so it might be possible to get a higher-end device without adding too much to your monthly payment. If you purchase outright, be sure to weigh the pros and cons as well as your return on investment.
Several different factors impact the lifespan of office equipment, including durability, technology, and the length of time for which you need it. The anticipated lifespan of a device should factor into your purchase or lease decision-making process.
Office equipment that has a longer lifespan often have better resale value and make sense to buy it is financially viable for your business. If not, leasing is always an option for those with limited budgets.
If you have questions about leasing and purchasing, contact us.