How Much Does it Cost to Lease a Copier?
Most businesses pay anywhere between $100 and $650 a month to lease a multi-function copy machine that is Brand new out of the box.
Used machines would be about half the price, but old machines may cause problems and the service contract will cost more on older machines.
Most leases conform to 36, 48 and 60 month terms. The most common lease chosen in the industry is 36 or 48 months FMV.
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The Benefits of Leasing:
- Leasing keeps your equipment up-to-date. Copiers and printers eventually become obsolete. With a lease, you pass the financial burden of obsolescence to the equipment leasing company. For example, let’s say you have a two-year lease on a copy machine. After that lease expires, you’re free to lease whatever equipment is newer, faster and cheaper. (This is also a reason my wife prefers to lease her cars.) In fact, 65 percent of respondents who were surveyed said that the ability to have the latest equipment was leasing’s number-one perceived benefit.
- You will know your monthly expenses. With a lease, you have a pre-determined monthly cost, which can help you budget more effectively.
- You do not need a down payment. Many small businesses struggle with cash flow and must keep their cash available to help grow their business. Leases rarely require a down payment, so you can acquire new equipment without tapping into much-needed funds.
- Keep up with your competition. Leasing can enable your small business to acquire sophisticated technology that might be otherwise unaffordable. The result: You’re better able to keep up with your larger competitors without draining your financial resources.
Most importantly, make sure you ask a lot of questions. I have listed a few below to get you started:
- Is there a buyout option in the lease? You may have a choice between a fair-market value (FMV) option and a $1 buyout option. FMV means you can buy the equipment at the lease’s end for its fair-market value, which could be hundreds of dollars. In contrast, a $1 buyout option means the equipment is yours for $1 when the lease expires. And while that sounds like the best option, keep in mind that monthly payments on FMV leases are usually lower than $1 buyout leases. If you’re certain you’ll want to upgrade to new technology when your lease expires, go with the FMV option.
- How long is the lease term? Usually, leases for computer equipment run 36, 48, or 60 months. The longer your lease, the lower your monthly payments–but you’re also likely to pay more over time with a longer lease.
- Does the equipment have to be insured? Some leasing companies require you to insure the leased equipment. If you don’t, fees may be added to your monthly payment to cover insurance.
- Can I add to the lease? Most leasing companies don’t mind if you add equipment to an existing lease. Your lease payment will be recalculated accordingly; lease terms usually don’t change.
- Can I terminate the lease early? What if you no longer need the equipment you’re leasing or you want to upgrade to newer technology sooner than you expected? Find out in advance if you can pay off your lease early, and if there’s a prepayment penalty (and if so, how much?).
How much does it cost to lease a copier?
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