Choosing the right office equipment for your business can sometimes feel like navigating a minefield. You must consider your business’ needs, and of course, budget.
Written by Dave Hughes, Business Equipment Solutions
Like all good business people, you will want good quality for good value of money. So when you find the perfect printer but faint at the thought of the price tag – what do you do? The good news is that there are options. Here we will look at buying vs. leasing a printer, and there are pros and cons to each scenario.
Four things you should consider in the first instance:
- Cash flow
- Total expenditure
- The need for up-to-date technology.
Buying a printer
The cost of buying office equipment outright can soon add up and eat into your yearly budget. Now, without sounding biased, the only reason it would be a good idea to buy a printer, would be if you knew you were going to keep it forever, or if you were buying it to sell on, perhaps for a client.
The benefit of buying a printer is it will be yours. When it comes to the running of your business however, does that matter? Probably not; as a business owner you will be looking for high quality equipment, at a price which suits your business. What’s more, as your business grows and develops, will that printer be able to keep up? If you need a newer model, or added functions, then that printer will become obsolete and you will have to go out and purchase again, leaving you with an old printer which you have paid for but have no need for.
If you are adamant on buying a printer, think where the money will come from, as let’s face it, they are not always cheap. Can you afford to take that lump sum out of your savings, or the business? Perhaps you will get a bank loan, but what if you need to change your printer before the loan is paid off? These are all factors which should be taken into consideration.
Leasing a printer
When it comes to leasing a printer, or most things for that matter, much of the time, the leasing companies do not require a deposit or down payment, making leasing a printer a very attractive option, especially for those with limited available cash flow. It is also more likely that, as you do not have to pay outright, you will be able to go for an upgraded or more expensive printer.
Another great benefit of leasing a printer is that the running alongside the contract will be an agreement that will include all the servicing and maintenance of the printer. If something goes wrong, it will cost little or nothing to get it repaired, whereas if you own the printer outright, you will need to find a company that can help, arrange (and pay) for the call out, then they will diagnose the problem and charge you for fixing it, a lot of money and hassle if you ask us! This is where the downfall of buying vs leasing a printer can really be seen.
To summarise, the benefits of leasing a printer are:
- Minimal or no deposit.
- Upgrades and maintenance included.
- You can get a much better product.
- Enjoy 100% tax relief on all rentals payable.
So, now you’ve heard all about buying vs leasing a printer, the decision is down to you.