What You Need to Know When Your Lease Is About to Expire

office equipment lease

When companies want the latest office technology but don’t want to make a big capital investment, they will often lease the equipment instead of buying. This is a great solution for businesses all over the country, but what happens when the lease is up?

Seeing as how a good multifunction device isn’t cheap, it’s important that companies have a plan in place to maximize the value of their investment, no matter how small the monthly payments are. This plan should include a way to transition after the lease without interrupting workflows that depend on these machines.

Once a lease has run its course there are four basic options: purchase the equipment, return it, upgrade, or lease it again. Here are some important things to consider when making this decision:

Purchase the equipment: This is a good choice if you are totally satisfied with your current equipment and don’t expect the need for newer technology within the next few years. If the equipment is a few years old, you might even be able to get a good deal using this option.

Return the equipment: If you’re not happy with your current equipment, you can always return the leased equipment and ask to see other options that can meet your needs. If you choose to return, make sure there’s no gap between your current equipment and whatever new equipment you pick out.

Upgrade the equipment: If the equipment is more than five years old, it might be time to upgrade to newer technology. This can save money and increase efficiency over time. Newer equipment models can often save energy, reduce waste, and cut office expenses in the long run.

Renewing or extending your lease: This is probably the best option if you are satisfied with your current equipment, but you don’t want to make the capital investment or long-term commitment to your machines. By renewing or extending your lease, you can continue enjoying the benefits and revenue generated by your equipment, without interrupting your workflow.