As a business owner, you may be deciding between renting your phone and networking hardware or buying the equipment straight out. Conventional wisdom dictates that equipment purchases are good investments and enable you to save in the long run. But with technology changing faster than ever before, is buying your hardware the wisest decision? There are advantages to both options, but we believe that renting your equipment is a better use of your budget in the long run. Here’s why.
Purchasing hardware is a significant capital investment. Not all companies have the budget to make these large purchases up front. But renting your equipment instead allows you to pay for the technology you use in smaller, predictable monthly payments. This allows flexibility with your budget when your business needs change or things don’t go as planned.
Upfront hardware purchases makes sense if you use your equipment for years. But with technology changing so fast, you often need to replace your hardware before you’ve even had the chance to reap the benefits of your investment. Often, the hardware you purchase is outdated within a year or two and doesn’t have the features you need to grow with your business. Or unexpected developments occur – such as supply chain issues and changes to the working landscape (like the demand for remote work) that may force you to upgrade your systems before you had planned. Businesses that purchase hardware would have to reinvest in new systems. While businesses that rented their equipment would get automatically upgraded at no additional cost.
When you purchase your hardware you only benefit from a limited warranty, depending on your vendor. While high quality equipment doesn’t break often, you are still responsible for all the repair and replacement costs when it happens. These expenses can add up quickly and impact your bottom line. Renting your equipment instead allows you to benefit from a lifetime warranty on all your hardware and lets us replace it quickly and efficiently if problems arise.