If you've been battling with an aging printer, you may be considering refreshing your fleet. Many business owners find themselves lost in the details of leasing vs buying printers, the costs of each option in the short and long term, and if it's worth the investment.
To lay out your options and what to expect, here is an overview of the costs and benefits of upgrading your print environment.
When is the Best Time to Buy a Printer?
In general, technology should be refreshed on about a 5-year lifecycle. However, this can range depending on the type of device, availability of software patches, and other factors. For an overview of technology roadmaps and how technology providers typically structure refreshes, read our blog: 5 Ways Technology Roadmaps Can Help You Navigate IT Challenges
For office printers in particular, the best time to purchase a printer is shortly before your current contract’s service agreement or warranty ends. You should plan to purchase or start a lease around 3-4 months before you need it.
To learn more about the best timing for printer purchases, read our guide here: Best Time For a Business to Purchase a Printer
Pros of Refreshing Your Print Fleet
There are both obvious and lesser-known benefits of updating your printer fleet. Aside from the general benefits of upgraded capabilities, bells and whistles, and print speeds, some other benefits of new printers include:
- Better printer security with updated anti-malware tools
- Lower print costs from consumables to save you money
- Increased sustainability due to waste reduction
- Better document security through secure cloud printing tools
- Increased print management capabilities through intuitive print tracking
Cons of Refreshing Your Print Fleet
Like any investment, there are cons of upgrading your printers. There tend to be high initial costs associated with refreshing your fleet, which might not align with your allotted budget.
Finding a new print provider or getting a new print fleet can be daunting, as you might not know what kind of service to expect if something goes wrong. With newer, more advanced devices, it can also look like a headache to learn all the bells and whistles and teach them to your staff.
To learn more about the benefits and drawbacks of buying or leasing a new printer, read our blog: What to Consider Before Purchasing a Multi-Function Printer (MFP).
Copier Leasing vs Buying
If you're ready to get a new print device, you might still feel torn between leasing and buying. Leasing and buying both have benefits and drawbacks. Some pros of buying are that there are no interest payments with one-time purchases, and you have the flexibility to switch print providers if you want to.
However, buying might not be for you if you don't want large upfront costs in the interest of capital conservation. In addition, without a set plan for replacement, equipment can become outdated, unpatched, or even end-of-life if it's old enough.
On the other hand, businesses sometimes choose to lease due to the steady cash flow in smaller increments they can plan over a 5 year span, for example.
However, you won't own the equipment at the end of the contract, and you may have high-interest payments. In this way, whatever you decide to do will ultimately depend on your budget and unique printing needs.
Overall, it's wise to contact your tax consultant when making a decision. This is because there can be tax implications with leasing vs buying as well.
What to Expect If You Hold Off on Buying a New Printer
If you decide the time isn't right to purchase a printer, you should know what to expect. If you stick with your older machine, you will save money in the short term. You won't have the high initial costs of a new purchase or the consistent charges of a leased printer or copier.
However, brace yourself for possible printer and copier repairs, since older machines are more prone to hardware and software issues. The older a device gets, the higher the chances it has become end-of-life, meaning manufacturers no longer support software updates.
Hidden Costs Associated with Old Technology
Along with the headache older devices can cause, aging technology can cost you more on consumables and downtime in the long term. The hours spent with a down printer can burn a hole in your pocket by slowing down operations that generate revenue.
To read more about the hidden costs associated with faulty IT, read our blog: The Hidden Costs of Faulty IT Infrastructure
Along with productivity issues you may face, be aware that hackers are now able to breach business networks through smart devices-- including printers. Just like how malicious cybercriminals can breach things like smart screens on refrigerators, they can easily get into vulnerable printers and copiers.
A great solution to this risk is to regularly update your printer's firmware when possible. Keep in mind that if your printer is not supported by up-to-date patches, it is vulnerable to every new attack method that emerges with time. To see what a cyber attack could cost you, read our blog: What Does a Cyber Breach Cost to Fix in 2024?
Level Up Your Small Business Print Fleet Management
Whether you're looking to re-up your office printer lease or discover the best printer for your small business, consulting a print expert is a great place to start. This way, you'll get the most out of your print fleet while finding cost-effective solutions to secure and optimize your print strategy.
If you're ready to discover the best print solutions for your unique business, click the button below to speak to a business printing expert.
