Should You Buy or Lease Equipment for Your Office Needs?
As your company expands, you’ll quickly find yourself needing more of everything — more staff, more supplies, and more electronics to help keep everything running smoothly.
Faced with the investment in technology alone, you may be struggling to decide whether it’s better to lease or purchase your electronic equipment. Of course, the best option depends on your company’s unique needs and the financial resources you have available.
Leasing IT equipment can be ideal for companies who have limited financial backing and would prefer to upgrade their equipment easily. However, the process of purchasing equipment is much more straightforward than leasing. And if you choose to purchase your IT equipment, there are plenty of options to recycle or trade-in your equipment with relative ease.
Whether your business is well-established or still in the beginning stages of development, you need quality IT equipment to support your growth. But if you’re not sure whether buying or leasing is ideal for your company, here are the essential pros and cons to consider before making a decision.
Leasing IT Equipment
Some companies choose to lease their equipment, and there are certainly a few benefits to this approach. For one thing, leasing IT equipment enables you to access the latest models much more quickly than if you purchased each new release. Given that electronic devices can quickly become obsolete, leasing equipment can simplify the process of regularly upgrading your equipment.
Also, since electronic equipment leases operate on a monthly payment, you can easily account for the expenses in your monthly budget instead of paying a large upfront cost.
On the other hand, leasing IT equipment incurs higher costs over time due to the additional interest and fees. Furthermore, leasing term negotiations are complex, and you could end up with costs that are higher than is reasonable. For example, even if you are no longer using the equipment, your company will be responsible for payments throughout the entire lease period.
Buying IT Equipment
For most companies, buying IT equipment outright is the optimal choice. First of all, the process is simple in comparison to leasing because all you will need to do is choose your equipment and complete the purchase. Buying electronics also gives you full autonomy over how it’s used, updated, or repurposed.
Furthermore, when decommissioning old electronic devices, there is a chance to get some money back via resale. If your electronics are in good condition, you can work with a certified electronic recycling company to ensure safe data destruction and then resell your equipment or its component parts, making equipment ownership an even more cost-effective option.
The only downside to purchasing electronic equipment is the higher upfront cost. If your company does not have the financial resources readily available, you may need to use lines of credit or obtain a loan. Purchasing your IT equipment also runs the risk of leaving you with outdated electronics, but as we mentioned above, you can easily mitigate this issue with the assistance of reputable electronics recyclers.
Recycle Your Outdated IT Equipment with FAMCe
If you choose to buy electronic equipment for your company, you’ll need to upgrade and dispose of the devices eventually. When it’s time to recycle your outdated electronic devices, First America Metal Corp. (FAMCe) is here to assist you. We have over 30 years of experience helping businesses safely and responsibly recycle their end-of-life electronics. Our high level of expertise and exceptional customer service have built our reputation as an industry leader, and we are committed to exceeding each client’s needs and expectations.
When it’s time to get rid of your devices, choose a partner you can rely on. Contact FAMCe today for e-waste disposal that’s ethical and secure.