You have to consider several factors if you’re trying to decide whether you are to lease or purchase a copier machine. Each option has its own set of pros and cons. This makes it essential to evaluate first your specific needs, preferences, and your current circumstances. The following are the major points to consider for leasing and purchasing a copier machine.
When buying a copier:
Absolute ownership
By buying a copier outright, you become its rightful owner. You have complete control over its usage, possible resale value, and customization.
Long-term cost advantage
Buying a copier indeed means a higher upfront cost than leasing; but in the long run, it can be more cost-effective than leasing. When you paid the entire amount, you only have to worry about maintenance, repairs, and supplies.
Depreciation
Any purchased copier is expected to depreciate over time. This may lead to some tax incentives since depreciation can be claimed as a business expense. Don’t forget to consult with a tax professional to know its actual implications on your business.
Customization
Since you are the owner of the copier, you can easily configure and customize the copier to match your specific needs. You are not restricted by the limitations and restrictions of a lease.
When leasing a copier
Cost
Leasing enables you to acquire a copier without having to pay a large upfront fee. Instead, you have to pay a fixed amount for a fixed duration. This is beneficial if you have budget issues or if you prefer to use your financial capital for other business aspects.
Tax deductions
Lease payments can be considered tax deductibles because they are considered a business expense. This can provide numerous tax benefits for your business. Don’t forget to talk to a tax professional to find out about the actual implications on your business.
Maintenance and support services
Most lease agreements include maintenance and support services from the copier leasing company. Once the copier starts to break down or needs repair, the leasing company must fix the issues.
Flexibility
With leasing, you experience the flexibility in upgrading to newer models or simply changing the machine as your needs change. You can easily negotiate lease terms that have options for machine upgrades or add-ons.
In the end, the decision to buy or lease a copier rests on the customer’s shoulders, depending on the budget, level of control preferred over the equipment, and long-term requirements. This shows the significance of comparing the costs, terms, and benefits of various leasing options you have.
