When Should You Rent, Buy New, and Buy Used Office Equipment

minimal office

Should you buy new office equipment or a used one? Should you rent instead? Is that much cheaper? There is a lot to consider when you’re starting or upgrading the office. You need chairs and tables, computers, printers, photocopiers, furniture, and so much more. In the warehouse, you need storage containers, carts, forklifts, sweepers, lifts, and many more. These can cost tens of thousands of dollars; money that no business can spare these days.

Thanks to a pandemic that seems to have no end, businesses are saving as much as they can. They’re cutting expenses, laying off workers, and reducing employee benefits. That’s the only way they can survive. That and whatever help they can expect from the government, but that will soon dry up as well.

So, what businesses have left to do is be prudent in the way they spend their money. They have to think twice about spending on unnecessary travel. They need to rethink any plans to upgrade their office equipment, but that part isn’t always a good thing. With technology rapidly developing, not upgrading your office equipment is tantamount to losing the edge you have over your competitors.

The first thing you need to do is consider the cost of the purchase or rent. There is no use buying something you cannot afford. You might put the business in even bigger jeopardy than it already is. Look for new and used warehouse equipment for sale. Weigh the prices. How much can you afford? Sure, you’re eyeing that latest-generation forklift. The question remains, though: can you afford it?

For Everyday Use: Buy New

If you’re going to use the equipment every single day, you should go ahead and invest. In an office, tables and chairs are naturally bought along with other furniture. Printers, computers, and photocopiers have to be bought, too, when there is a huge number of documents being printed and reproduced daily. Renting computers is a no-no since you’ll be charged more for everyday use.

So, why should you buy new instead of second-hand equipment? You need the equipment to be in their top-notch form since you will be using them every day. This means there should be no lag time. You shouldn’t have any problems with it for the next three years or more.

For Project-based Use: Rent

Consider renting the equipment if you’ll only use it for specific projects. This means you won’t be using the equipment every day. There’s a good chance it will just gather dust in the storage room. It is better to just rent the equipment from a reputable company when you need it for a project. Make sure you’ve entered into an agreement with this company, so they’ll always prioritize you. In case they’ve rented out all their equipment, have another company as a backup plan.

modern office space

For Equipment Upgrade: Buy Used

So, you want to upgrade your computers and printers in the office. That’s good because you have to keep up with your competitors. However, buying the latest equipment means you have to shell out more than you can afford, especially for small businesses.

What you can do is keep your eye on other larger companies than you. They usually upgrade their equipment when there’s a new version. You can then make an offer for their old equipment, which is usually just two versions behind the latest models. They don’t usually sell their equipment for a profit. Rather, they sell them just to get them off their hands.

For Possible Resale: Buy New

If you have plans of reselling the equipment in the near future, you better buy them brand new. The resale value of items depreciates the moment they change ownerships. It’s comparable to cars. The moment you bring the car outside the dealership, it loses half of its value. It’s the same with office and warehouse equipment. They depreciate the moment you buy them. So, if you are going to resell them, make sure you are the first owner. Being the second or third owner will get you nothing but a few dollars.

You can buy new or used equipment or rent equipment. That all depends on how much your business can afford, and whether or not you’re going to use it every day. Remember that you should be prudent with your expenses right now because of the pandemic. Think twice before you invest in anything—equipment or otherwise. The more you can save money, the more your business will be in a good position to survive the pandemic.

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