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Leasing vs buying

When acquiring plant, equipment and vehicles for your business, you have the option to lease or buy.

Leasing means you borrow your plant, equipment or vehicle under a contract. Leasing requires less commitment than buying and makes it simple to upgrade when your lease finishes. However, there may be restrictions in place on what you can do with the plant, equipment and vehicles you lease, depending on your contract.

Buying means you purchase and own the plant, equipment or vehicles outright. If you don’t have sufficient cash to buy it outright, there are finance products available to help you. The financier will keep an interest in your plant, equipment or vehicle until they’re paid back. Buying will mean more commitment, as you won’t be able to simply return it after a lease runs out. It also means you have freedom to make alterations to fit your needs.