Leasing vs Buying an Office Copier
Should You Lease or Buy an Office Copier?
It’s just like anything else, should you rent something or buy it? If you buy it, you own it, but it may become obsolete in the coming months (iPhone, anyone?) However, if you lease it, you’re responsible for someone else’s stuff and while you can vouch for yourself that you won’t damage it, can you make that same claim for others who will use it? Weigh your buy a copier versus lease a copier options with this handy list.
Advantages of Leasing a Copier
- Leasing office machines is ideal if you’re concerned about technology becoming obsolete, which it inevitably always does at some point. Offices that just need basic printers and copiers probably won’t worry too much since the basic functions of copying and printing haven’t changed, however companies that use advanced specialty printers with extra bells and whistles will likely want a cutting edge MFP.
- Leasing allows for low upfront costs and alternatives to using credit. Start-ups and small businesses often have little to no credit history, so getting loans to buy equipment is hard. Leasing avoids all that confusion.
- Hands-free maintenance. The company from which you are leasing the copier or printer will likely institute a maintenance plans that includes fixing the machine in case it needs repair, or replacing it if it breaks.
Disadvantages of Leasing a Copier
- When you lease, you pay interest. At the end of a lease term, you will have paid much more for the copier than if you had bought it outright. While some companies prefer small payments to stretch out the high cost of a copy machine, others will see the long-term money loss as a reason to buy.
- As your companies evolves, so to may your printing needs. If your office started out with a handful of employees and the small B&W printer was adequate at the time, your current office of thirty employees will need something with much more output power and a whole new lease may be necessary, making you start from scratch, lengthening that pay-off.
Advantages of Buying a Copier
- It’s cheaper in the long run. You won’t have interest payments to worry about, nor penalty payments if some guy in accounting wrecks the machine.
- If you own the printer, you can sell it to recoup some of the money originally paid. Use that money to put towards an upgraded unit. If you lease, you don’t own it so you can’t sell it.
- Buying is a contract-free situation. No 3rd party company has control over your office machine. Additionally, when you lease you have to enter into a maintenance agreement as well, which costs more money. If you buy, you don’t have to do anything. (Although it’s smart to get some sort of warranty plan.)
Disadvantages of Buying a Copier
- A new copier is expensive. Small businesses and start-ups rarely have the liquid cash to fork out for a brand new MFP.
- You own the machine… and it’s maintenance issues. Not to mention, once the machine becomes obsolete, which may or may not happen depending on your office needs, it’s on you to replace it with an upgraded model.