Expert Office Advice

Buying office equipment can be expensive and in some cases it is more practical to lease it rather than purchase. Modern office equipment can become out of date and obsolete very quickly requiring repairs, upgrades or replacement. Hiring can be a good alternative to buying as the cost is spread out over the period of use. Also, if the equipment becomes out of date or breaks down it is often possible to trade it in for an upgrade at little or no additional cost.

The main financial trade-off with deciding whether to lease or to buy office equipment is between the upfront expense and the long term expense. The initial investment when leasing office equipment as an alternative to buying is relatively small. If you need the technology quickly and do not have the cash on hand, hiring can be a good option for your company. Remember, the long run cost of leasing can be more than purchasing it outright, so pay attention to the average life span and the type of the required equipment.

If the equipment is expensive and will be in use for a relatively short period of time (due to your office needs or becoming out of date) then leasing is the best alternative because you can upgrade and exchange more easily. However, if the equipment needed is a basic computer workstation, for example, that will be in use for a long time then the cost of hiring it will quickly surpass that of buying it outright.

If you own a small company and do not have your own IT resources, a maintenance contract can solve the problem of computers breaking down and you not being able to fix them. It would be much more costly to hire a new employee or to suffer a technical breakdown at a crucial time.

Once you have decided if leasing is the right choice for you, choose the dealer carefully. It is often a good idea to start by getting quotes from several qualified leasing dealers. By talking to multiple providers you can ensure that you are getting the best deal.

When getting quotes make sure you have the information about your company’s financial and credit history on hand as the dealers will need detailed info about your company. When comparing the written quotes from the providers look at every aspect of the contract. Look for differences in the upfront costs, the payment schedule and the type of equipment they are offering. Make sure that you choose the one that fits in the best with your needs and financial situation. Leasing is a long term agreement so ensure that you are making the deal with the right leasing provider.