When building up your business and first considering the equipment you need, you’re faced with two dramatically different options – equipment leasing, or equipment buying. Both require investment, and both have their advantages. Obviously, when you’re buying all your equipment, you’re going to be able to keep it – the equipment becomes an asset to your business, instead of a liability. However, how much will you really end up saving in the long run? Factor in maintenance costs, upgrade costs, replacement costs, and all the time you end up spending managing your own equipment, and you may find that not only is it more convenient to lease your equipment, it’s also a lot cheaper.
No More Costly Up-Front Payments
To buy expensive equipment, there’s a certain amount of money you have to put down to make sellers confident you won’t back out of future payments. This up-front investment can really hurt your pocketbook, especially if you’re just getting up and running. It might take a while before your equipment actually starts making money, as its first few months are just spent helping you break even. Equipment leasing avoids this first roadblock and paves the way towards profit from the beginning.
Need an Upgrade? No Problem!
If you’re trying to stay ahead of the competition, you’re going to have an advantage with equipment leasing from TAMCO. Instead of worrying about trashing all the old equipment so you can purchase a whole set of the latest new-and-improved technology, you can simply let your lease expire and start paying for more advanced equipment. You save time and money, and you have an edge over the competition – who are still working on getting their old equipment out of the office. It’s also worth mentioning that leasing equipment, instead of buying it, makes it a lot easier to switch machinery when something isn’t working for you. You don’t need to settle for slow equipment or glitchy tech because you’re already invested – just switch to better equipment when your leasing period is over. The entire upgrade process becomes much smoother and easier to deal with when you’re only leasing your equipment.
Receive Tax Benefits!
That’s right – you can actually receive taxes for your equipment if you’re leasing. Equipment leasing can be treated as a liability instead of an asset, allowing you to take tax benefits in the form of depreciation. In Canada, this is often called the ‘$10 Buyout Lease’. Make sure to take a good look into this option, as it’s a good way to save those extra dollars that will add up in the long run.
No More Maintenance Costs
As with most renting and leasing options, you’ll be able to save money on upkeep and maintenance. When you own your own equipment, it’s your responsibility to make sure everything’s running smoothly. Not only does it cost money to fix your equipment, but you also have to factor in the lost profits for every day your technology is malfunctioning. In today’s world, it’s all about not only how advanced your equipment is, but how well you can keep it running. Problems are unavoidable – it’s how well and how quickly you deal with them that’s important. With equipment leasing, you can streamline the entire maintenance process. Someone else is responsible for making sure your equipment stays operational. You won’t have any unexpected payments or last-minute frantic phone calls. This is both extremely convenient and very cost-effective.
Saving Money with Equipment Leasing
In conclusion, you can save money in the long run using equipment leasing. There are quite a few advantages to not being invested in or having responsibility for a particular piece of equipment. Make more and spend less with equipment leasing.