Most businesses need to print, copy, scan, and fax documents many times throughout the day. If yours does too, then you have a few different ways to give your workers the ability to do this.
One option is to purchase a multi-function copier with printing capabilities. But you also may want to look into leasing one instead.
Most companies pay between $100 and $650 per month to lease a printer that can also make copies. But the amount that you pay will depend on the term of your lease and its features.
But that’s not all that you need to know about leasing a printer. Keep reading to find more information that will help you figure out whether buying or leasing a printer makes more sense for your company.
- Printer leasing prices overview
- What are printer leases, exactly?
- What factors impact the cost of a printer lease?
- Renting vs. buying a printer
- Questions to ask while evaluating your printer lease
- How much should you expect to pay for a printer lease?
Printer leasing prices overview
The amount that you pay to lease a printer can be as low as $50 per month or as much as $700. But most companies pay something in-between those two extremes.
We can do a little math to see how much you would pay over the lifespan of a printer lease. Here’s a table that shows what your total expenses would look like in several different scenarios.
|Monthly Rate||12 Month Lease||24 Month Lease||36 Month Lease||48 Month Lease|
What are printer leases, exactly?
Before diving any deeper into this topic, let’s make sure that we’re all on the same page about what a printer lease is.
A printer lease lets a company get the printer that they need without having to purchase it. It’s an agreement that involves paying a monthly rate to use the printer.
The company never actually owns the printer itself. When the lease term expires, the printer goes back to the business that leased it out to the company. So you can essentially just think of printer leases like an office equipment rental.
What factors impact the cost of a printer lease?
There are numerous things that can impact how much you pay to lease a printer. In this section, we’ll take a look at four of the most impactful things that can influence the price of your lease.
Type of printer
The type of printer that you choose to lease is the factor that’s going to have the biggest impact on how much you pay for it. There’s quite a bit of variability in the capabilities of different types of printers.
For example, if you want the latest technology expect to pay more for it. Helpful bonus features, such as copying, binding, and laminating also tend to drive up the cost of a printer lease.
Some businesses need a printer that can shoot out documents at a high rate of speed. But if you don’t really have any special needs for your printer, then leasing one that’s a little older or missing a few extra features could save you a lot of money.
Length of lease
The length of your printer lease could also impact what your monthly payments look like. It’s often the case that a printing leasing company will give you a slight discount if you agree to a longer-term deal.
That makes sense for the company to do because it means you’ve committed to paying for a printer lease for a longer amount of time. So if you think you’re going to want to lease a printer for an extended period of time, consider looking for a company that will give you a deal to do so.
Location plays a role in all pricing determinations. That’s because what a printing leasing company in your area has to charge to meet their expenses goes up if you’re in an area with a high cost of living.
That being said, there isn’t really much that you can do about this factor. Either you live in a high cost of living area or you don’t. The only option that you might have is leasing from a company that’s located in a cheaper area and see if they’ll deliver to you.
The company you lease from
Pricing for printer leases can also vary quite a bit from company to company. It’s often worth shopping around a bit to make sure you’re getting the best deal in your area.
One thing to consider here is that established brands sometimes charge more than relatively unknown ones. So you may be able to get a deal by going with a mom-and-pop outlet instead of an industry leader.
Renting vs. buying a printer
This is one of the biggest decisions that you need to make while pondering your company’s printing needs. Both renting and buying a printer can be smart decisions.
The answer that’s right for you will come down to what you value and what you’re looking to get out of a printer.
In this section, we’ll explore every angle of this question. By the end of it, you should know exactly whether it’s a smarter decision to purchase a printer or to lease one.
Pros of Renting
The biggest pro to renting a printer is that it becomes much easier to keep up with the latest technology. Printing technology is constantly improving.
And if you have an outdated printer, you may start to fall behind the competition in terms of how much you’re paying to use it. This can eat away at your competitive advantage.
But when you rent a printer, you don’t have to worry about that. Instead, you will be able to quickly and easily update your agreement to take advantage of the latest technology whenever you want.
Renting a printer can also be a smart move because it gives you total clarity about your monthly printing expenses. Additionally, you don’t usually have to make a down payment.
That means you’ll be able to satisfy your company’s printing needs without having to come up with a lot of cash to do so.
Cons of Renting
The biggest reason not to rent is a printer is that you almost always end up paying more to do so over the lifespan of your lease. For example, you might pay a total of $5,000 to lease a printer over a 36-month period.
But you might be able to purchase the same printer outright for $4,000.
The other downside to renting is that it locks you into a long-term agreement. That may not matter if you know for sure that you’ll need the printer throughout the lifespan of the contract.
But it could be a problem if you think your business needs might change at some point.
Plus, business changes are often unexpected. So there is a real possibility that you end up having to pay for a printer lease that you’re not using even if you don’t think that’s likely at the moment.
Pros of Buying
Buying a printer may make more sense for you for a few different reasons. The first is that you’ll typically save money by purchasing your printer outright. So if financials are the only thing that you really care about, then buying is the way to go.
Additionally, the process of purchasing a printer is often much easier than the process of leasing one. You won’t have to fill out a ton of paperwork or read through dense contracts. You just pick what you want and start using it.
Cons of Buying
The downside to buying a printer is that you have to come up with the cash to do so entirely upfront. This may be a problem for businesses with poor cash reserves or tricky cash flow situations.
Additionally, your equipment will become outdated at some point if you choose to buy a printer. That means you will likely have to buy another printer within 3-5 years. But you may be able to recoup some of the costs of the printer by selling it. This can offset the impact of this problem.
So we’ve covered the pros and cons of buying and renting printers. Now it’s time to put it all together. Is it a smarter decision for your company to buy or lease a printer?
There is no right or wrong answer here. You have to think about what matters to your business and make a decision based on those values.
For example, maybe you want to make sure that your business is agile and capable of upgrading its printing technology whenever it wants. If so, leasing a printer would be a smarter decision for your business.
Alternatively, you may be more interested in looking after your company’s financials. Or perhaps you don’t have a lot of excess cash reserves to pull from at the moment. In either of those scenarios, it would be a better idea for your company to lease a printer instead of buying one.
Questions to ask while evaluating your printer lease
Printer leases can get pretty complicated. So it’s important to have a good idea about what matters in a lease agreement before you sign one. Here are some questions you should be asking printer leasing companies before you sign any contracts that they give you.
Is there a buyout option?
It’s definitely possible that you’ll want to exit your printer lease before the agreement expires. Some leasing companies are happy to let you do this as long as you pay a buyout fee to end the contract.
It’s important to know whether this will be an option for you or not. Also, make sure that you know what the buyout fee will buy before you sign.
Do I need to insure the equipment?
Some printing leasing companies will ask you to insure any equipment that they lease out to you. This will add to the monthly amount that you end up paying to lease the printer.
You need to know what your insurance requirements will be and how much they will cost you on a monthly basis. This will be the only way for you to truly evaluate the monthly amount that you’re paying to lease the equipment.
Who will handle repairs and maintenance?
Your printer won’t always work as well as it does the day you get it. Sometimes you’ll have to have a technician come out to perform preventative maintenance or repair any problems that you’ve encountered.
Sometimes repairs and maintenance costs are already included in the amount that you’re paying to lease the printer. This is really nice for a company because it gives you peace of mind that you’re not really going to have any unexpected expenses with the printer that you’re leasing.
Other times you will have to pay for repairs and maintenance out-of-pocket. So make sure you know what’s true in your agreement before you sign the contract.
What happens if I want to upgrade to a new printer before the lease expires?
You may also be interested in upgrading the printer that you have before your lease is over. Many leasing companies are happy to let you do this if you add time to the end of the agreement and are willing to change the terms of payment.
Other companies will be more restrictive and require you to buy out your current agreement before upgrading.
How much should you expect to pay for a printer lease?
Ultimately, expect to pay somewhere around $150 – $300 per month to lease a printer. Just know that this number can be higher or lower than this depending on the quality of printer that you get, your location, and the company that you lease from.
But before you sign an agreement to lease a printer, you should also evaluate whether doing so is the right move for your business.
For some companies, it will make more sense to purchase a printer outright. We hope the information covered in this article will help you determine which is best for your business.