Should You Renew Your Copier Lease Or Buy It Out After It Expires
Depending on the type of experience you had with your current copier vendor and their leasing company, there will be two very distinct feeling that will come up once you are about to reach the lease expiration date. For those that had an overall bad experience, they will be ecstatic to know that they only have to put up with their current citation for only a few more months. During this time, they will be looking around for another copier vendor that will either treat them better or will offer them a cheaper price. However, when the experience was a positive one, business owners will have a much harder time deciding what to do at the end of their lease.
The questions that usually follows is whether to renew your lease, upgrade your equipment, or simply buy out the device and go without a lease. Look, there are pros and cons to each of these options and there is no right or wrong answer when every organization and industry is different.
Renewing Your Copier Lease
With your lease coming to an end, there is probably a good chance that you’ve already spoken with a copier representative to discuss your available renewal options. Usually, when the relationship is good between both parties, the obvious choice would be to renew. The great thing about renewing your lease is that it simplifies everything for you and your staff. You don’t have to remove your old equipment to bring in a new one and there is no need to familiarize yourself with a new piece of equipment. As the old saying goes: “If it’s not broke don’t fix it?”
We understand that it can get frustrating trying to get accustomed to new office technology so if you have something that works well with your current system, then sticking with what works might not be such a bad idea. And if your copier vendor and leasing provider have been doing a good job at taking care of you, then that may give you another reason to stretch your lease term for a few more months.
Like we mentioned earlier, there will be cons when you extend your lease term for the same office equipment. While you might be fairly satisfied with your decision not to upgrade, it is still a big decision that you’re going to have to live with for the next few months. Even if (and that’s a big if) the equipment continues to work flawlessly for the next few years, what’s to say that your current technology will be able to keep up with the rest of the technological changes going on around you? These are just a few questions you need to ask your copier representative.
Upgrading To The Latest And Greatest
It’s not very exciting to updating your copier lease, but getting a shiny new piece of equipment can surely boost up morale around the office. It should be no brainer that the best thing about getting a new copier is that you get to enjoy some new features. Additionally, when you renew your lease, you also get a chance to pick a new product with some new accessories that will help you boost office productivity. This is probably something you should be looking forward if your last experience was a dreadful one due to constant breakdowns and every other day service calls. Anytime you get a chance to upgrade your machine will feel like resetting the clock and starting over with a fresh product and new warranty.
Unfortunately, there are a few things that can dampen your new copier experience. The biggest concern most business owners have is the added cost of the new copier lease when comparing it to their existing copier. Will you be able to take on the added expense or will it negatively impact your cash flow? Having a new piece of equipment also means having to learn how to operate the machine. The adaptation process might not be that hard when the office is keen to learn new technologies but there are other offices that don’t like change.
Another thing to take into consideration is who or how the old copier equipment will be properly disposed of. Will your copier provider handle this process of r you and if so will you have to pay the additional fee for disposal? If you are in the process of switching providers, knowing how this process gets taken care of will matter to you.
Buying Out Your Office Equipment
Once you are in the final months of your copier lease, business owners also have the option of buying out their office equipment. There might be a few discrepancies in the exact buyout terms, but generally speaking, you should be getting your machine at fair market value. The main advantage of going this route is that you no longer have to deal with regular lease payments allowing you to increase monthly cash flow and possibly invest in something else. Additionally, you will also have own the equipment which means you can sell it down the road to help regain some income.
The biggest drawback to a buyout is that you no longer have the option of upgrade your office equipment. You are also now responsible for maintaining and repair your device at full price. There is also a good chance that your copier lease bundled in your supplies which means you now have to purchase your toner at full price as well. Let’s not forget that while your equipment ages, service calls and parts will become more expensive.
If your lease is coming up soon but are still not sure what to do, consider reaching out to one of our copier specialists. Our trained professionals can help you find the best possible option for your circumstance. For those that are thinking of switching over to a new vendor but still have a year or two left on your lease, we recommend taking advantage of our free upgrade program for new customers.