How do you know whether or not leasing a copier is the right fit for your business size and industry? First and foremost, it's important to assess the benefits of leasing a copier to determine if a temporary rental agreement can best meet your company's needs compared to buying the equipment outright.
Should your business lease or buy a copier?
Before we move on to cover the benefits of a copier lease, it helps to evaluate your business’s unique needs to determine if a rental agreement will better fit within your company budget:
- Track how many copies you make each week, as well as the type of copy tasks that you regularly perform.
- Contact several leasing vendors in your local area to determine the average price of a copier lease. It's recommended to get a minimum of three competitive quotes; in addition, request to look at a leasing agreement to find out which additional features are included with the price.
- Request more information about copier models available within a typical lease. Review the available models to make a list of the top features that will best support your office’s productivity.
While these three steps may seem simple, they can provide you with valuable market research to determine if leasing or buying would be a better move for your business. After you have calculated your average copy volume and have made a list of the top copier features needed, you can compare market prices to monthly lease quotes to crunch the numbers.
Top benefits of leasing copy equipment
Although leasing a copier isn't the right choice for every business, there are several advantages to consider before making a final decision:
- Keep copier equipment current. Instead of trading in an old copier every few years to keep up with advanced technology, a lease will provide a business with the opportunity to upgrade at the end of an agreement term to take advantage of new features on the market.
- Stick to a monthly budget. For a small business that doesn't have the means to pay for a copier in full, a lease agreement will offer a set monthly fee that can be expensed in a company budget.
- Take advantage of tax deductions. Most businesses can benefit from the tax payoffs that come with leasing equipment since the costs can normally be deducted as business expenses on a yearly tax return.
- Lease equipment with bad credit. Businesses with bad or no credit can often easily obtain a copier lease with more flexible terms than taking out a loan to purchase office machinery. This can help a business to negotiate a longer leasing term to keep monthly costs to a minimum.
For most businesses with a low copy volume, purchasing outright makes the most financial sense. Low-volume copiers are often inexpensive and won't eat away at a company's budget. On the other hand, a medium to large company with high-volume copy needs can benefit from a lease to support a larger monthly copy output without affecting productivity.