When an individual or business makes a purchase, the most important variable swaying the decision process is cost effectiveness. We practice this all the time, whether it’s choosing the cheaper, no-brand name cereal or finally buying that sweater you’ve had your eye on at a discounted price. 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 upfront, and there are many advantages to purchasing a printer if it’s the right choice for your home or business.
There are a few pros to buying instead of leasing a printer in Toronto. One of the most notable advantages are the potential cost savings of purchasing a printer up front. While the up front cost is higher than 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.
Another advantage of purchasing a printer is ownership. By paying for the equipment at once, 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 buying a printer in Toronto, you can make decisions about certain customizations or changes, and any software or security that may be used for the product. 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 should the printer no longer be valuable to you. Having the option to resell offers flexibility and can potentially cover costs of newer technology.
Just as there are advantages, there are also some downsides to purchasing a printer in Toronto. Paying for a printer up front can be extremely costly depending on the size of your business and ultimately affect the financial health of your organization. Furthermore, investing a large sum of money on 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” in just a year! If you’re purchasing a big ticket item as a sunk cost, it can lose you money if you want to resell.
Does Buying Make Sense For Me?
Buying a printer can certainly make sense depending on your requirements of a printer. If you’re looking for a printer for a home office or small business, buying may be your best option. There’s no point in leasing a printer that doesn’t cost too much, and you can have complete control on how much you print and when.
Many businesses have started shifting towards leasing big ticket printers and printing products. We’ve outlined the advantages and disadvantages below.
Unlike buying printers up front, leasing products can alleviate costs as payments will be made on a monthly basis. This practice can keep your business competitive and ensure that your equipment delivers output with the highest quality. Leasing will optimize cash flow and with many vendors, you can even make payments that best fit your schedule. Leasing also creates flexibility as you can create payment plans catered specifically to your financial situation.
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, and you can cross one more thing off of your 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.
Finally, although leases can be slightly more costly in the long run, it can also 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.
The biggest disadvantage (as previously mentioned) of leasing is that the total cost can be higher than paying for a product up front. Additional “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 organizations that require top of the line, high quality products that are embedded with secure software and can be paired with document management solutions. By opting for leasing equipment, your organization can choose to go down a path of vendor consolidation and only have one point of contact for all your printing needs. This can streamline internal processes, save big in the long run, and ensure organization-wide print security.
If you’re looking for a printer in Toronto, contact Busys today. Our dedicated staff members will work directly with you to find the best print solutions for your organization’s needs.