The equipment in your office can make or break your workflow. So, when it comes to investing in new printers, you might wonder:
To buy printers or to lease printers? That is the question.
When an individual or business makes a purchase, the most important variable swaying the decision process is cost effectiveness. Everyone wants to get the best value for their dollar, but sometimes realizing where the value lies isn’t so black and white.
Acquiring a printer requires a strategic mix of decisions. Each buyer should choose a product that best fits their financial and personal needs—but identifying a printer that best matches those needs can get tricky! If you’re currently looking for a printer in Toronto, we’ve outlined the advantages and disadvantages of both leasing and buying, and what decision may work best for your priorities.
Historically, many people have opted to buy printers up front. Whether you will be using the device at home or in the workplace, there are multiple advantages to buying instead of leasing a printer in Toronto.
- Cost Efficiency
The potential cost savings of purchasing a printer up front is a notable advantage. While the price is higher versus smaller payments made through the leasing process, it still typically costs less long term. Additionally, if you’re purchasing a printer for businesses, the tax deductions can create significant savings.
- Full Authority
Another advantage of purchasing a printer is ownership. By paying for the equipment up front, you are the owner and can therefore make any decisions about the product in the future. You can have free range when it comes to how much paper and toner you use without having to worry about the possibility of penalty payments.
After you choose to buy printers, this allows you to make decisions about certain customizations or changes, including what type of software or security you use. Additionally, if the printer were to experience any technical issues, you could have full authority on who repairs the product.
Finally, you can make the decision to resell in the future. Having the option to resell offers flexibility and can potentially cover costs for printer upgrades.
Just as there are advantages, there are also some downsides to purchasing printers rather than leasing them. Paying for a printer up front can be costly depending on the size of your business and could ultimately affect the financial health of your organization. Furthermore, investing a large sum of money in a depreciating asset may not provide the best return in the case of a resale.
Another aspect of buying over leasing that one may want to consider is the likelihood of replacing your equipment. With the rate that technology advances, a printer can become “outdated” quickly! If you’re purchasing a big ticket item as a sunk cost, you’re bound to lose money in the event of a resale.
Does Buying Make Sense For Me?
Buying a printer can certainly make sense depending on your requirements. If you’re looking for a printer for a home office or small business, buying may be your best option so you can have complete control on how much you print and when. After all, there’s no point in spending so much on leasing when the printer itself doesn’t cost too much.
Many businesses have started shifting towards leasing printers and copiers—and we’ve outlined the advantages and disadvantages below.
- Streamlined Cash Flow
Unlike buying printers up front, leasing products can alleviate costs, as payments will be made on a monthly basis. This practice keeps your business (and initial budget) competitive and ensures that your equipment delivers high quality output.
When you lease printers, you optimize cash flow and even have the option to make payments according to a plan that suits your schedule. Leasing also creates flexibility, as you can customize payment plans catered specifically to your budget.
- Optimized Maintenance and Affordable Upgrades
Another huge advantage of leasing is that you don’t have to worry about the depreciation of assets. With most lease agreements, you can easily upgrade to the latest technology without losing large sums of your investment.
Maintenance is also easy with leasing—your vendor will take care of it all. So you can cross one more thing off of your to-do list!
Contrary to popular belief, leased products can be tax deductible depending on where you lease from! Your lease payment can be deducted immediately, and due to the fact that you don’t actually own the product, it can’t be considered a depreciating asset.
- Value and Longevity
Finally, although leases can be slightly more costly in the long run, they tend to be much more valuable. An organization will be able to easily upgrade equipment without the hassle of selling old equipment, and you may even be able to apply for reduced rates for older products.
When you lease printers, you aren’t just improving your work environment; in fact, you are also making efforts to be more environmentally friendly. For instance, leasing a high-quality multifunctional printer eliminates the need for separate copiers and scanners.
Moreover, you have the option to consult professionals regarding device maintenance and cost optimization. This way, you can keep your printers in good shape and keep excessive ink cartridges and toners out of landfills.
Leasing gives you the green light to go green!
- Higher Costs in the Long Run
The biggest disadvantage of leasing is that the total costs can be higher than paying for a product up front. Other “cons” include additional costs or penalties for damaged goods or exceeding pre-determined printing limits.
Does Leasing Make Sense For Me?
Leasing is an excellent option for large businesses (education, finance, law, accounting, media). This is because they usually require top-of-the-line products that are embedded with secure software and are compatible with document management solutions. By opting to lease printers, your organization can choose to go down a path of vendor consolidation and have only one point of contact for all your printing needs. This is a sure-fire way to streamline internal processes and ensure company-wide print security.
Lease Printers at the Leading Printer Rental Company in Canada
In conclusion, when you choose to lease printers for your business, you’ll be raking in high value for your company while having an entire team of professionals back you up. Whether you need device maintenance or troubleshooting, Busys has you covered.