In the case of leasing vs buying a treadmill for a gym, which is the better option?
Running a business means weighing the advantages and disadvantages, especially when it comes to finances. After all, keeping track of how much you’re earning versus how much you’re spending is what keeps your business going, and a quality setup may be expensive but brings in the customers.
A great example of this is a fitness center, where good equipment leads to good, committed members who want to keep attending your gym. However, this fitness equipment can end up being quite pricey, even looking at just one piece of hardware.
A common example is a treadmill, and gyms need to have quite a few treadmills to actually have what is considered a decent setup. If you went to a gym, you’d expect to see at least ten to twenty pieces of cardio equipment, most of them treadmills, and just one can cost quite a bit.
Whether you’re buying the cardio equipment or weightlifting equipment or classroom equipment, your fitness center is going to need to be stocked with heavy-duty hardware, and quite a bit of it. It’s not easy paying for all of this equipment, but luckily you have options, whether you lease your equipment or purchase it or get a loan to pay for it.
Many businesses will even do a little of everything depending on their circumstances, but all of this is depends entirely on the factors and your specific circumstances. To that end, when examining leasing vs buying a treadmill and other fitness equipment, what are your options?
Factors of Leasing Equipment
With an equipment lease, there are a host of benefits and tricks to the overall process, but they all depend on the lease contract itself. With a lease, equipment is loaned out to you in exchange for you paying a monthly rate. This rate is both low and flat, making it much more convenient for business owners to handle, especially fitness center owners who need quite a bit of heavy duty equipment.
The monthly rate, the contract period of the lease, and more factors are determined by the contract itself, which depends on the leasing company. In other words, the factors of a lease are on a basis of what lease you look at, meaning you can get a lease that’s more suitable for one type of business versus another.
Many a business owner has not done his/her homework and has gotten a lease that was considered less than ideal and ended up hurting their business more than helping it.
Leases have advantages, like being able to get your equipment repaired or replaced as needed, and more, but you need to be able to determine whether a lease is manageable for your business or not.
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Leasing vs Buying a Treadmill and other Fitness Equipment
One of the reasons business owners want to avoid leasing is because they want to own the equipment, but there are quite a few disadvantages to owning heavy-duty hardware in the long run. With leasing, broken equipment is repaired or replaced and returned to you, but with purchasing, you have to pay the full price to replace the hardware yourself.
For example, when looking at leasing vs buying a treadmill, purchasing a treadmill may be convenient at first but after a few years when it needs to be replaced you may be in trouble. After all, you just spent quite a bit of money to purchase the hardware, and a few years down the road you’re probably still tight on funds.
Leasing can be better for a business because not only are the payments just low monthly fees, but you also get your equipment repaired or replaced as needed. Plus, you can continue a lease with an upgrade on the equipment if you choose, or you can simply purchase the equipment at a haggled rate at the end of the lease.
You could purchase equipment, but it’s recommended to purchase hardware that you can handle replacing a few years down the road. For heavy duty equipment like treadmills, leasing can easily be more advantageous to you; to learn more about leasing vs buying a treadmill, click here.