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The Copier Countess explains: What is the difference if you lease or rent a photocopier

Hello my loyal subjects….hot isn’t it? Phew!

 

Grab an ice cream to cool your fevered brow, sit back and relax, as today I want to have a chat with

you about the differences between renting and leasing.

 

Here at Copier King we provide renting and leasing options and often customers assume this is the

same thing, but it isn’t! There are some key factors which you need to consider when choosing what

is the best option for you and your business…

 

Let’s start with leasing:

Leasing is fixed and usually for a long term, anything from 2 to 5 years. When you lease, the

equipment belongs to the leasing company (Copier King use GRENKE) and continues to belong to

the leasing company when you have reached the end of your lease agreement. At this point the

machine is

then bought back by the supplier (Copier King) and you have the opportunity to purchase this

machine at a lower than market value price. Alternatively, you might want to get something new

and fancy and start a new lease.

The leasing term you have agreed is fixed, there is no real flexibility in this, however if you have financial difficulties there is sometimes an option to set up a payment plan. However, if you don’t pay the monthly charges for anything up to 6 months, they will take back that photocopier.

You can also change or upgrade your equipment if your business needs expand or you need

something better/different, this would be something you would discuss with your equipment

provider e.g. Copier King and they would find something for you for a similar price, or your finance

payments would change.

This would be something you would all agree together.

There is one more thing that you also need to bear in mind when leasing and that’s, that the Leasing

company will want to receive their equipment back in a good condition and although they will

expect appropriate wear and tear, they will charge you for any damage. What you are best placed to

do when leasing

is take out a service agreement with the supplier. Copier King offer a brilliant Service Contract where

all toners, consumables, breakdowns, parts and servicing is include. This ensures that your

equipment is as good as expected when the time comes to return. This keeps the leasing

company happy, but also

means that if you are going to buy this machine, it will have been looked after and be in great

condition too.

 

So, let’s talk about renting then:

Renting is a bit more flexible and you can have a variety of rental options. You can have a short term

rent which is usually anything under a year, a long-term rental which is anything over a year and can

be as long as you and the provider (Copier King) agree too. And then you can have a rolling rental

agreement,

which means the rental is agreed on a month by month basis and has no minimum or maximum

term and finally a bespoke rental. This is great for things like events, festivals and pop ups, as you

agree to a rental term that suits you as a business best. Be aware though, that although the

flexibility of rental is

great, you often pay a premium for this.

When you rent equipment, that equipment will belong to the provider (Coper King) and they will

expect it back when your rental term is up. They will also expect that equipment back in a good

condition and will allow for expected wear and tear, but could charge for any damage or destruction

to the equipment.

The reality is that the company you are renting the equipment off will require you to have a service

agreement as this will ensure the machine is serviced, topped up with consumables and looked after

if anything runs low or breaks.

The other thing to bear in mind with renting is you are often renting a second hand or refurbished

machine and in reality, can be paying more for older kit.

 

So, to summarise:

There are in fact many similarities between the 2 for example, you never own the equipment and

will either renew a rental or lease agreement at the end of your agreed term, or but the copier

outright. The equipment will need to be returned in as good condition as can be expected so a

service agreement

plan will need to be taken out either way and you are tied in to an agreed term where if you do not make the agreed payment our equipment will be taken away.

  • Leasing pros: You have brand new equipment, with no huge capital sum and a company asset that isn’t going to devalue. It also tends to be cheaper than renting.
  • Leasing cons: You are tied in for a long period of time and cannot really afford to miss payments.
  • Renting pros: You have more flexibility/options and if you are looking to have some equipment on a short term or unconfirmed basis, then this is the option for you.
  • Renting cons: You can often be paying more money for lower spec equipment or older kit.

 

 

I hope I was able to throw some Copier Countess light on the subject of leasing and renting and that you are now fully informed and are able to make the best decisions for your business moving forward.

Don’t forget if you have any questions, just ask as I always have time in my royal schedule to help out my loyal subject. And if there is anything you would like me to talk about in my next blog just lemme know Jodie@copierking.co.uk

 

Until next time…Peace out…