To buy or to lease—that's the recurring question my clients pose, and the answer isn't a one-size-fits-all deal. Let me impart some wisdom gleaned over the years.
Looking at my client roster, it's interesting to note that around 95% of businesses, banks, and medical practices in and around NYC opt to lease their copiers. A stark contrast from two decades ago when the split was closer to 50/50. What's behind this shift? The breakneck pace of printer technology evolution in copier/multifunction devices makes leasing a compelling option.
Gone are the days when a copier was just a copier. Today, these multifunctional marvels handle copying, printing, scanning, faxing, and play a pivotal role in professional office document management. As businesses strive to go paperless, copier/multifunction devices emerge as powerful tech tools.
Now, I understand it might be a tad perplexing, so let's delve into the pros and cons of both leasing and buying tech equipment, along with the key questions to secure the best deal.
**The Perks of Leasing a Printer**
1. **Stay Current:** Leasing keeps your equipment up-to-date. Copiers and printers inevitably become obsolete, and with a lease, the financial burden of obsolescence shifts to the leasing company.
2. **Predictable Expenses:** With a lease, you have a fixed monthly cost, aiding effective budgeting.
3. **No Down Payment:** Leases often skip the down payment, preserving your cash for business growth.
4. **Competitive Edge:** Leasing enables small businesses to access sophisticated technology, leveling the playing field with larger competitors.
**The Hurdles of Leasing a Printer**
1. **Long-Term Costs:** In the grand scheme, you might end up paying nearly as much due to monthly rates covering the copier and the lending fee.
2. **Obligatory Payments:** Even if you stop using the equipment, lease terms might bind you to payments for the entire lease period.
**Advantages of Buying a Printer**
1. **Simplicity:** Buying equipment is straightforward—decide, purchase, done. No intricate paperwork or sharing financial details.
2. **Maintenance Control:** You call the shots on maintenance, avoiding potentially expensive obligations imposed by leasing companies.
**Drawbacks of Buying a Printer**
1. **Initial Financial Hit:** Acquiring necessary equipment may strain your finances, tying up credit lines that could be used elsewhere.
2. **Outdated Equipment:** Eventually, you're left with outdated gear, needing replacement every 36–48 months for a growing business.
So, should you buy or lease? Well, the devil's in the details, and considering your specific needs and circumstances will guide you to the right choice.
