Document Management
What is Document Security & Why is it Important?
Document security has emerged as an important business concern no company should ignore. With all the sensitive data flowing, there is much to protect.
Are you considering leasing a printer for your office? In this comprehensive guide, we will walk you through the benefits, things to consider, and options involved in printer leasing. We’ll go into detail about the differences between buying and leasing, and which specific items to consider when you’re ready to bring in a new printer to the office. Ready to make an informed decision about your office technology? Let’s dive in!
Buying vs. Leasing: What’s the difference?
Buying a printer involves purchasing it outright or financing the cost. This gives you immediate ownership and property rights, but it also comes with potential additional costs such as taxes, delivery fees, installation, and maintenance. On the other hand, you can lease your office printer. This option is centered around a monthly service contract. You’ll have access to managed service agreements that cover everything you might need, such as maintenance, repairs, supplies, and even equipment upgrades. However, leasing may come with a minimum loan term and cancellation fees. Overall, the main things to consider generally have to do with desired responsibility level, short-term budget, and your usage needs.
3 Advantages of Buying an Office Printer
#1 It’s a Good Investment
Investing in printer ownership can be a great investment for several reasons. With complete control over its usage and maintenance, you’ll be able to get the absolute most out of the printer with zero limitations or restrictions. Additionally, whenever you feel like, you can resell it if your needs change or upgrade the machine to a newer model. Printers retain their value well, especially if they are an advanced model found in many workplaces.
#2 Tax Advantages
Buying a printer offers potential tax advantages for your business. In many regions, office equipment purchases are eligible for tax deductions such as depreciation deductions. Leasing does not offer tax advantages, so it is helpful to speak with a tax professional to learn all about the specific benefits when you purchase an office printer.
#3 Save Money Long-Term
While the upfront cost with purchasing can be daunting compared to a monthly leasing contract, it is crucial to consider your long-term financial perspective if possible. Monthly lease payments will last for as long as you have your device, while a purchase will be a one-time or financed purchased. You will also have the freedom of avoiding any potential hidden fees or penalties that can come with a leasing contract.
6 Disadvantages of Buying a Printer
#1 Huge Responsibility
While there are multiple advantages to owning your printer outright, the responsibility of outright ownership can come with its own perils. As the owner, you are solely responsible for any repairs, maintenance, and supply needs. This can take much time and resources.
#2 Large Initial Investment
Some businesses may find that it is not suitable to make such a significant upfront purchase due to financial reasons. If it is too straining on your budget to purchase a significant office technology device, it may be wise to consider leasing instead.
#3 Balloon Expenditure
Don’t let a balloon expenditure burst your office budget when it comes to acquiring a printer. Sometimes, the necessary maintenance package puts a printer purchase over the edge of what the company can afford, even if the printer cost itself is manageable.
#4 Replacement Costs
The reality of the world of printing is that there are very frequent updates in technology and capabilities. This means that printers can become obsolete fairly quickly, making it feasible to upgrade your printer fairly often. It can be very expensive to do so if you are not on a leasing contract.
#5 Multi-location Consistency
If your business has multiple locations, it can be challenging to streamline your printing ecosystem if each printer is purchased separately. If there is not total consistency and centrality with your purchased printer models and usages across all locations, you will run into inefficiencies and wasted resources. More often than not, it makes more sense to lease when your company stretches across multiple locations.
#6 Depreciation
Similar to a used car, printers lose their dollar value fairly quickly. Depreciation is something to be aware of because wear & tear, improvements in technology trends, and obsolescence will all impact the dollar value of your printer.
6 Advantages of Leasing an Office Printer
#1 Avoid the Cost of Obsolescence
A major benefit to leasing an office printer is that contracts often are built-in with the option to upgrade your machine on a regular basis. In addition to seamless upgrades, it is also much more affordable than the alternative of purchasing upgrades since everything is based on a monthly contract. Your leasing company will also take care of disposing of the outdated printer for you.
#2 Lower Upfront Costs
One of the most enjoyed advantages of leasing printers compared to purchasing is the costs being set up on a monthly contract rather than a large upfront purchase. So instead of breaking the bank, you’ll be able to allocate that initial budget to other areas of your business.
#3 Low Hassle Lease
Technology leasing suppliers design the lease contracts to make the leasing process as hassle-free as possible. This means that your provider will take care of any necessary servicing, including repairs and maintenance, so that you can focus on your business without interruptions. A low-hassle lease means you can enjoy the benefits of a fully functional printer without the added responsibilities.
#4 Predictable Finances and Budgets
Ensure peace of mind with a predictable monthly budget with an office printer lease. Your printing operations will have a strictly consistent cost, meaning you will never see any unexpected financial burdens. All of your printing needs from start to finish are taken care of under one monthly price.
#5 Optional Upgrades
Business needs change all the time, and leasing contracts are flexible to accommodate them. Whether those new requirements are advancements in printing speeds, higher resolution, or additional features, leasing allows you to make small or large upgrades whenever you need, so that you can stay competitive.
#6 Freedom From Responsibility
With a printer lease, you can break free from the burden of maintenance and repairs. This allows you to put your energy, time, and money into actually growing your business! Leasing means the responsibility of upkeep and finding technicians onto the leasing company. The peace of mind that comes with this arrangement can be extraordinary.
3 Disadvantages of Leasing an Office Printer
#1 Can Be Pricey in the Long Run
When you lease a printer, the monthly payments don’t stop until the contract ends, which means for as long as you’re using it, you’re paying for it. Over a long period of time, this can add up. Although it’s less responsibility than owning outright, you might be paying for your printer for a longer time if you lease compared to if you’d bought.
#2 Locked Into A Contract With Strict Terms
The minute you sign the contract to lease a printer, congrats, your printing needs are taken care of! But be aware also, you’ll be bound by strict terms and conditions that may limit your options. Leasing agreements often come with specific usage limitations, and penalties for early termination. This means you’ll have to wait until the lease term is up to make upgrades if your needs change, or pay extra if you need to make more prints than your allotted amount.
#3 Lack of Equity
Another disadvantage of leasing compared to owning is that you’re missing out on a valuable business asset. This just means that you won’t be able to sell or trade it in the future. If this is important to you, then it won’t make as much sense to simply rent your printer.
Final Thoughts
When deciding to lease a printer, it’s important to understand the pros and cons of signing a leasing contract and making an outright purchase. When you buy a printer, you will have a valuable business asset, potential tax deductions, and the freedom to use with no limitations. However, it’s also a large upfront investment, a big responsibility for repairs and maintenance, a potential strain on your budget for supplies expenses, and very challenging to streamline if your business has multiple locations. With leasing, you’ll be receiving freedom from maintenance and repairs, lower initial investment with a predictable monthly budget, access to newer technology through seamless upgrades, and easy disposal of outdated printers. But leasing has its own drawbacks as well, such as restrictions on printing and supply usage, lack of equity, perpetual monthly payments, and fewer tax advantages. Make sure to carefully consider all of these points when making that decision to get a printer for your office, and you will be golden! Your financial situation, long-term goals, and preference for newer technology or ownership should all play important roles on which path your business ends up taking.
