Buy Or Lease? Packaging Machine Purchasing Made Easy
So, you’re getting a new packaging machine… Congratulations!
Making the switch to automation will speed up your process and provide huge savings in countless areas of your company. However, before you sign on the bottom line, there are a few things you must consider.
- “What type of machine are you getting?”
- “Will it fit on your floor?”
- “How much training will your staff need to operate it?”
Beyond all of these questions, there is one that is arguably the most important:
“Should I buy or lease it?”
If you’re unsure which option is best for you — don’t worry. Deciding whether to purchase the machine outright or simply lease it is an important choice that requires careful consideration.
To help you find your best solution, we’ve put together a few scenarios that you might find yourself in.
When You Should Buy
You have a large budget.
If your operating budget is large, odds are you can afford to buy a piece of machinery outright. That means you’ll avoid monthly costs, allowing you to enjoy your machine worry-free.
You know your operations won’t change in the near future.
Buying a machine outright is the perfect option for a company who isn’t planning on changing its packaging process. If you know your operations won’t change, your machine will serve its purpose and be well worth the investment.
You want full ownership and responsibility for your machine.
By purchasing a machine, you also accept full responsibility for it. That means that, if it ever were to break or needed to be used in a way that wasn’t originally intended, you won’t incur any damage fees or be restricted to a contract.
When You Should Lease
You want to avoid large up-front costs.
For small and medium-sized businesses, coming up with the capital to purchase a new piece of machinery can be difficult. By leasing, your initial investment is a fraction of the cost — instead, you can exchange reasonable monthly payments for use of the machine.
Your business needs to be agile or may change in scope.
Modern businesses often need to stay agile to survive. If that describes your organization, leasing a machine will help you avoid being bogged down by a new packaging machine that you purchased in full.
You want the option to exchange or upgrade your equipment easily.
If your operations grow, you may need another machine that has greater capacity. By leasing, it could be possible to have the option to upgrade — if your contract allows it.
New packaging equipment should be an exciting opportunity for your company. Whether you want to buy or lease, talk to a Crawford Packaging Specialist to help find the solution that will work for you.