Enough has been said about the necessity of a photocopier and all of them are true – it is unimaginable that an office could function without one. These days, every office is usually equipped with a multifunctional copy machine that performs a wide range of functions – from photocopying, scanning to printing. But the million dollar question of whether to buy or lease a copy machine seems to bother a lot of companies, which is understandable given that the answer isn’t always the most obvious. The answer is likely to come once you weigh the pros and cons of both options and check which suits you better. A guide to buying a photocopier will give insight on what buying will entail – and similarly the leasing options should be explored as well.
In this article, we have collated the benefits and shortfalls of both and depending on your budget and other areas of feasibility, this can help you come to an informed decision.
Copier Buying Advantages
Let us clarify that buying a copier outright is always most cost-efficient than leasing in the long haul. Except that, there are other advantages as well, so let’s take a look –
· No paperwork drama – when you lease a copy machine, you will be required to put in all details pertaining to your financial viability leading to a longer process. None of that happens when you buy one, as you simply just pay and you are done.
· Tax benefits – If you buy a copy machine, you will be eligible for tax deductions in the first year while with leasing, only the monthly payment will be deducted.
· Ownership freedom – with owning your copy machine, you get to be the boss and there is infinite freedom to do what you want with your machine. Leasing will require you to stick to leasing rules and requirements, which might cramp your style. Even with maintenance, you get to choose which service to go for – your word is the final word.
Copier Buying Disadvantages
No plan is without its drawbacks and this is no different. Let’s dive in –
· Upfront cost – this is usually the biggest hurdle, especially for small businesses which may struggle financially to be able to afford that. Especially if the need is for a highly sophisticated machine, buying one can leave a company short on cash for other office necessities
· Maintenance bills – let’s be honest, maintenance bills can turn out to be pretty expensive. If you have bought a machine and it has stopped working, you will be compelled to fix it and can incur steep costs. Also, in the event it gets outdated, it is not easy to sell a second-hand machine
· Standardization issues – If your company has several offices which purchase equipment based on their specific needs, balancing performance levels and costs can become difficult across branches
Now that we have explored buying attributes, let’s turn our focus on leasing
· Low initial costs – the most important difference is this. With leasing, you can enjoy several benefits; some leases even come with the option of using the machine for a couple of months before first payment etc.
· Fixed rental payments – You know how much you need to budget each month and irrespective of the lease duration, the rental continues to be the same, even with interest rate fluctuations
· Flexibility – you are not stuck with one machine forever. As the needs of your company change, you can go for a more advanced machine anytime without a hassle. This allows you to enjoy the massive technological advances that come with time. Similarly, you can downgrade as well.
Leasing is not without its faults too. Let’s take a look –
· Expense – as we had mentioned earlier, though leasing involves less upfront costs, in the long run it proves to be much more expensive than buying, no matter the copier type or agreement terms.
· Contractual hassles – well, the copier does not belong to you and that comes with some limitations. You might get stuck with a copier in a lease where it does not perform as it should and you would then be required to change the contract and get another machine again.
· Credit mandates – if you are start-up with low or insufficient credit rating, you might not readily be able to get a lease
· Hidden clauses – read your agreement clause thoroughly to check for inconsistencies or hidden clauses, especially insurance and yearly administration fees.
Once you have made up your mind, scroll through the best photocopier brands in the market and take your pick!