Rent or Buy Office Equipment

Buy or Rent your next Photocopier

Should You Rent Or Purchase Your Photocopier And Other Office Equipment?

This is an age old question that many business owners have to consider when first starting out or even when they are more established. Here are a few points to consider if you are looking to rent or purchase a photocopier and other office equipment for your business.

Why Buy When You Can Rent ?

 There are basically three reasons why renting tops buying. Again, this depends on the type of equipment you are thinking of acquiring. In terms of high tech equipment, renting has some definite advantages.

Less Initial Outlay – For a start up business, this is a key consideration. Why spend thousands on equipment when you only have to spend a few dollars a month. This financial flexibility lets you direct money to more pressing issues that get money coming into the business and making you a profit, like lead generation and marketing. 

No Worries With Obsolescence -  When you rent equipment, like a photocopier, in most cases you can upgrade to the latest equipment at no extra charge. Given that most high Tech. equipment is constantly being refined and upgraded this is an important advantage of renting. Using old or out of date equipment can impact the productivity of your staff.

No Problems with Wear and Tear – Much like obsolescence, wear and tear of equipment can impact your productivity. Again, depending on the type of equipment, most rental agreements factor in wear and tear of equipment and automatically replace it after a set period.

Another consideration with some rental agreements is that the rental company is responsible for regular servicing of some equipment and fixing it if it malfunctions. This is certainly the case with business photocopiers and is one less worry for the business owner.

Tax considerations – There are obvious tax incentives to renting office equipment. You can write off the costs of renting equipment. 

Why Rent When You Can Buy?

The obvious advantage of buying over renting is that you own the equipment. This could be seen as an asset in your company provided the equipment doesn't depreciate or lose it's value over time.

In the case of office furniture this may be true and you will probably pay less for this type of equipment if you were to buy it. It's not necessarily the case for high Tech gear where depreciation is generally high.

If you can afford to buy the equipment then that is the end of your financial outlay for the foreseeable future. This may allow you to allocate money earmarked for rental costs to other areas of your business.

There are also tax incentives to buying equipment outright but usually only when you buy it.

Summary

Ultimately, renting is a far more flexible arrangement than buying. You are not tied into one piece of equipment. If the equipment is not working out for you, you can change it. You are not as financially committed to the equipment either as you haven't paid for it up front.

This lets you focus on the more important things in your business like generating new clients and getting money coming into the business.  


Posted By david on 11th October 2012

Updated : 11th June 2018 | Words : 532 | Views : 3384

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