Technology has made it easy for us today, and you do not need to rely on the traditional methods of washing.
At least every home or apartment should own their washer and dryer.
However, when it comes to buying this equipment, the cost may be too much.
On the other hand, you’ll also realize that there are pros and cons to leasing them.
The most challenging question that people keep on asking is whether Is it better to buy or lease a washer and dryer?
Also, it’s essential to know that various leasing companies are offering the best services and equipment.
Anyway, this content will help you decide whether or lease this necessary laundry equipment.
What Is Leasing?
Donald B. Grant once said, “why should you buy a cow when the milk is so cheap” well, this is what leasing is all about.
Today you need to clean your clothes, but you can’t afford the washer and dryer.
All you do is to lease them and clean your fabrics with ease. Therefore, leasing refers to an agreement between the owner of the equipment and the person intending to use.
Six Pros Of LEASING A Washer & Dryer
1. Capital Conservation
Many leasing companies do not require down payment when hiring a washer and dryer. Furthermore, you do not have to pay for all the costs to use the equipment.
Usually, you’ll be paying a given amount of many, say, monthly or yearly. Also, because you will not be spending all your money at once, you shall have saved a lot of capital that you can use on other projects.
Unlike buying where you must pay for all the cost, leasing is useful because you’ll use the equipment as long as you pay the monthly fee.
2. Predictable Payment
Leasing firms takes the quality of services they offer very crucial. Before you start using any leased equipment, you shall have known all the monthly costs, repair, and other payments.
Also, these companies will be responsible for installing and maintaining the dryer washer and dryer supposes it breaks down.
Therefore, you’ll have an idea of the total expenses you are supposed to pay, thus allowing you to plan effectively.
3. Flexible Terms
Before you get to a leasing deal, you should know that these agreements can be negotiated to suit your condition.
Their flexibility allows you to get the best services you deserve.
Also, be sure that your lessor won’t alter the terms of your agreements that can increase the rate in the future.
So, by leasing laundry equipment, you’ll be able to take advantage of the lessor’s flexible terms.
4. High Quality Washer & Dryer
To buy high quality laundry equipment, perhaps, you will need to pay a lot of money.
However, with leasing, you can browse through the most updated washers & dryers, which are durable and practical. Also, you’ll not pay a lot of money to leases such equipment.
Therefore, leasing can be a good option if you need high-end laundry equipment without spending using all your savings.
Nevertheless, you need to lease from a reputable company.
5. Purchasing Option
You may have signed a leasing term that allows you to purchase the equipment at the end of the leasing term.
By the end of your leasing deals, you can choose to buy the equipment or take another deal.
As a result, you’ll enjoy the benefits of purchasing and leasing a washer and a dryer.
It goes by saying that leasing is best if you don’t have enough money to buy the equipment when you need it most.
6. Convenience
Suppose you were to buy laundry equipment on loan; your papers must be verified beyond a reasonable doubt.
Furthermore, your credit may be declined, a possible cause of frustration.
However, leasing doesn’t need a lot of papers because the process is quick and straightforward.
So, suppose your schedule is tight, and you don’t feel like displaying your documents, leasing is practically best for you.
Six Cons Of LEASING A Washer & Dryer
1. No Ownership
Suppose, you agree to pay $100 monthly towards hiring a washer and dryer, how long will you continue paying?
Let’s assume you pay for the next 24 months that sums up to $2400.
By the end of two years, you shall have a significant amount of money you could otherwise use to buy your won dryer and washer.
Sadly, you’ll be paying too much within the leasing period, and in the end, you will not own the equipment.
2. Maintenance
The main advantage of leasing equipment is that you will not cater to the maintenance cost.
However, this may be a set back to your business because you will have to rely on lessor staff to repair the machine.
If your agreements hold you accountable for the repair of laundry machines, you may spend a lot of money on repair and maintenance.
3. Inconvenience
Many leasing companies have set rules that you have to agree to before leasing their equipment.
In one way or another, this may be a disadvantage because some conditions may not favor you.
For instance, the leasing duration may be too much or minimal.
Therefore, it implies that you’ll have to keep the equipment even if you are not using it.
The worst part is that you must pay for it also though you aren’t using it.
4. No Equity
Leasing washer and dryer don’t allow you to own them.
Therefore, you have no capital, and you cannot sell the machine when you are done using it.
In a nutshell, it means the money you spent while leasing the product can’t be retrieved
5. No Access To A Better Loan
Long term leasing can run the credit score of any company.
Furthermore, many investors out there consider leasing as debts.
Therefore, it’s never easy for you to get access to a better loan from any financial institution.
6. Limited Choice For Washers And Dryers
In most cases, if you are loyal to a particular leasing company, you would want to maintain your stand.
However, at times that company may be missing the products that you are desire.
Also, because you have limited choice, you will be forced to take the available ones.
Perhaps, it may not work according to your expectation.
Four Pros Of BUYING A Washer And Dryer
1. Complete Ownership
By investing your capital on the best washing and dryer machines, you will have full ownership.
Therefore, you’ll hand your laundry equipment with care, knowing that it’s all up to you in case of any damage.
When it develops and mechanical or physical problems, you can take quick action and repair it yourself.
Furthermore, you’ll be in control of how and when to use it as no one will be controlling or limiting your operations.
2. Option To Sell
Perhaps, this can be one of the best Advantages of buying your won laundry equipment.
Because you have complete ownership, you have the right to sell the machine whenever you don’t need it anymore.
Although you’ll not recover the entire cost, you spend, but at least you’ll get a small percentage.
3. Get What You Love Most
Whenever you have your own money, you will choose the machine form your favorite brand.
Also, there is no need to fill and sign many papers, as in the leasing washer and dryer.
You’ll also get the benefits like warranty and free shipping options if you are to buy from a trusted company.
4. No Service Fees, Interest Expenses And Finance Charges
In most cases, you can save a lot of money by buying the equipment instead of leasing.
Also, whenever you purchase these machines, you will not have to pay extra costs, such as finance charges, service fees, and interest expenses.
You’ll get washer and dryer with its exact price tag.
Three Cons Of BUYING A Washer & Dryer
1. Maintenance
Maintenance is probably one of the major disadvantages of buying your machine.
Whenever the dryer develops a problem and passes the warranty period, you’ll have to pay for the maintenance cost.
Furthermore, the price may be too much, and if you don’t have money at hand, it may take days or months before restoring it to full service
2. Initial Cost
The technology is continuously changing, meaning if you buy a sound machine today, tomorrow, you may need an update.
The device’s initial cost may be too much, unlike in leasing, where you will only pay a minimum monthly fee.
3. Outdated Machine
Whenever you buy a washing machine, you would like to exploit it until you realize its losing efficiency.
However, when it reaches to this extent, you will have to keep it because you won’t sell or trade-in
Final Verdict
Is it better to buy or lease a washer and dryer?
It’s practically impossible to make a decision on which method is best.
Also, people have different financial needs and what another gauge as best may not favor them.
Therefore, if you are looking for the answer above, we would say you scale the pros and cons of buying or leasing laundry equipment and decide accordingly.
But if you still find it confusing, then we suggest you buy your washer and dryer as it will save you from more problems.