To buy or lease printers and copiers? That is the question. Getting new office equipment boils down to cost-effectiveness; we all want the best value for our money. However, deciding between a printer lease vs buy option requires you to consider other factors.
Finding a printer or copier in Toronto can get tricky, but we’re here to sort things out. We’ll compare leasing and buying based on several aspects in this article. By the end, you can decide what works best for your priorities!
Printer Lease vs Buy
Let’s talk about printers first, the go-to choice for home offices and small businesses. We’ll compare buying and leasing a printer based on five factors.
Acquisition Process
Before you buy or lease a printer for business, consider how quickly you can acquire the units, as it could hinder business operations. Getting a printer should be smooth and not be an added stress.
Buying a printer is a fast process. Simply go to a retail store, decide on a unit, and buy it. You can do this on the weekend to prevent workflow interference. On the other hand, choosing to lease a printer for business could take several days, depending on the leasing company. You’ll also have to fill up paperwork, negotiate financial plans, and wait for printer installation.
Ownership
Buying a printer grants you ownership, a factor many businesses want to have. Owning a printer means you have full control, with no restrictions or rules. Some add extra customizations to the device tailored perfectly to specific needs, while others sell it to regain costs and purchase a new model.
If you lease a printer for the office, you’d have to return the device after a lease term. However, some lease agreements allow buying options, so you can still use them without external commitments.
🖨️ Read more: Check out the Best Printers for Small Businesses
Cost-Efficiency
Buying a printer comes with high upfront costs. Companies with limited cash flow may find it impractical to spend thousands of dollars at once on one device. While this is true, you’ll only have to pay one big price and worry about maintenance fees, which are flexible depending on your needs. Additionally, purchasing a business printer could make you eligible for tax deductions.
Choosing to lease a printer for the office appears feasible because of its smaller down payment investment and customizable financing plans. But in the long run, you may face higher total costs due to added expenses, such as software upgrades, installation fees, and more. From this angle, a one-time-big-time spend is more cost-effective.
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Maintenance
Printer leasing tends to be strict about maintenance policies. A company may force you to care for your leased equipment based on their rules. Being a business printer owner gives you all the rights to maintain the device to your liking. You may do this yourself or hire a managed print service provider to streamline your printing costs.
Upgrades and Avoiding Obsolescence
Unfortunately, the printer you bought today is a depreciating asset. Print technology constantly evolves based on the public’s needs. Since you’ve spent a lot on your printer, getting the latest tech may be out of your reach for a few years. This makes you lose an edge in the competition, assuming all competitors use the newest printers.
One of the advantages of leasing equipment is that it allows you to upgrade to the latest tech after a few years. Making timely monthly payments grants you this perk, giving you access to the best printing features any business could ask for.
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Lease or Buy a Copier
Instead of having multiple printers, medium to large business enterprises use multifunction printers or copiers to perform various tasks with one device. While the factors below look like our previous discussion about printers, they cover a different angle.
Upfront Cost and Cash Flow
Buying a copier costs twice or thrice as much as a small business printer. Not everyone can support this purchase, forcing them to turn to leasing companies for help.
Photocopier leasing optimizes cash flow by offering flexible payment plans that suit your budget and schedule, such as an annual or monthly fee. Choosing this option grants you all the benefits of a copier, without worrying about paying larger-than-life costs.
If you lease a copier, note that the total costs can be higher than paying upfront for a product. The costs may include additional costs or penalties for damaged goods or exceeding pre-determined printing limits.
🖨️ Read more: Planning to Scale Up Your Print Infrastructure? Consider These Factors First
Usage Terms and Obligations
When you buy a copier, the freedom to use it wherever you want is in your hands. Full device ownership offers multiple ways to meet your print volume and other needs.
If you lease an office copier, you’re bound to follow all contract terms. This includes how to use the copier and follow maintenance requirements. Depending on the period length, you’re also stuck paying continuous payments even if you’re not using the copier anymore.
Image Source: Canva
Maintenance and Upgrades
When you lease an office copier, you won’t have to worry about their depreciating values. Your service provider can maintain their condition and upgrade them to the latest printing technology under their terms.
On the other hand, copier purchasing leaves you with maintenance duties, which are significantly more challenging than a printer. This depreciating asset will also hinder you from getting new technology due to profit maximization.
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Copier and Printer Lease vs Buy: Final Thoughts
Buying or leasing print equipment depends on your requirements. Small businesses and remote employees benefit more from purchasing, with printer prices today more practical than leasing costs. You also have full ownership and control over your device; depending on usage, this could last longer than its expected shelf life.
On the other hand, large businesses across industries should consider photocopier leasing. Business owners require top-of-the-line products embedded with fantastic features. An affordable payment plan gives you secure software, compatibility with document management solutions, and more. This, combined with print vendor consolidation, guarantees a streamlined process and lower printing costs.
Let the Leading Printer Provider in Canada Help You
Printer lease vs buy—have you decided which one you’ll choose? If you haven’t, ask the experts for more guidance.
Busys is the leading printer provider to trust. We’ve helped multiple businesses by equipping them with printers and copiers at leasing and buying terms. Our collection has over 100 types of units, and we’re more than honoured to offer one that best fits your needs.
