One of the biggest questions to answer when acquiring a new office printer is whether to lease or buy. It’s kind of like buying a car, there are endless options and upgrades to choose from and shoppers will have to weigh the pros and cons of leasing and buying. To make this process a little easier for you, here’s a quick comparison list you can use to decide which option is right for you.
Pros of Leasing:
- No upfront cost – With leasing, there is no initial cost required, and it’s a more affordable option on a monthly basis. Smaller upfront costs gives you more cash to reinvest in your company.
- Upgrade at any time – As companies grow, so do their technology needs. With leasing, you can swap devices for newer technology as your needs grow and change.
- Included maintenance agreements– Equipment leases often include standard maintenance agreements to make sure the device is in tip-top shape for the entirety of the lease agreement. This allows you to focus on running your business without having to mess with maintenance.
Pros of Buying:
- Tax deductions – The full purchase price of your equipment is tax deductible. You can deduct the complete cost of your equipment in the first year, or you can spread it out over several years.
- Simpler process – When buying, you can decide what your company needs, what best meets your needs, and then buy it. It’s that simple. You don’t have to worry about lease contracts or provide any financial information.
- Better long-term investment – Although buying requires a large up-front investment, you usually end up paying less in the long run when compared to leasing.