Leasing and buying have two major differences. Let’s say you wanted to buy an expensive painting as an investment. You would not lease it because it would not make sense. However, if you planned to drive a car regularly, driving it for a set number of miles over the next five years, you might want to lease a car instead. This becomes an especially attractive option if your business has the potential to expand, and you wanted to allow for the possibility of an upgrade.
You want to apply the same logic to leases for copiers. When looking at a copier, consider the lease rate against the total cost of the copier. In addition, will it be a $1 buyout lease or a fair-market value lease where it will normally be returned at the end of the lease? You should also look at who will have to pay for the shipping of the copier at the start and finish of the term. These are all important questions if you want to get the most from leasing. Whenever you make a major financial decision, we always recommend consulting with your family financial advocate so that they can look over the details of a lease.