What Can I Do With My Old Copier?
All good things must come to an end. That old copier that you’ve made so many memories with — all of the winning proposals printed, the memes you post on your boss’s door, and even all of the un-expected paper jams — are like looking back at the good old days.
Your copier’s lease is coming to a close, and it’s time to retire the old workhorse. Now what?
THE FOUR CHOICES YOU CAN MAKE REGARDING AN OLD COPIER
No matter what, when dealing with an old copier, there are four paths for you to take:
- Return to your leasing company
- Donate your copier
- Purchase your copier to keep
- Stay on your current lease
Let’s go over those now.
RETURNING YOUR OLD COPIER
When it comes to the end of life for a copier, most organizations go this route — it’s often easiest, requires little work on your part, and frees up much-needed office space for the new copier that is taking your old copier’s place.
If you do take this route, there are a few things you need to know:
- Your copier belongs to your leasing company, not your dealer or service provider.
- You are responsible for the shipping costs (on average $350 per copier) to send your copier back to your leasing company. This is often taken care of by the dealer in the upgrade or purchase process.
- Once your current lease has been terminated, you no longer own any part of the copier, so if you want to protect your data that is stored on the copier’s hard drive, delete that data before sending your copier back to your leasing company.
It’s extremely important to note that you must communicate to your leasing company that you intend to terminate your lease before your lease’s term expires. It is important to know what is in your lease, because leases can roll over. The terms of notification can be found on the back of the lease and are usually are 60 – 90 days prior to lease end
Also, speak to your copier dealer about ship-back costs — a good dealer can take the hassle of packing and shipping your device off your back, and they can pick up, ship and take care of any shipping charges of your old device.
DONATING YOUR COPIER
If you’re feeling good natured, you can satisfy the remaining costs associated with your copier’s lease, and donate it to a non-profit organizations. While it may not suit your needs, an old copier can be a blessing to a struggling non-profit organization that requires flyers or other types of printed documents. There is a small purchase price involved at lease end to complete the ownership process.
This is a pretty straight-forward process, but most likely you will need to set up transportation from your business to their office, and communicate with the specific non-profit about tax information. Cobb helps local non-profits through our Technology Grant by providing them with donate copiers, so if you have any questions, feel free to reach out to us!
PURCHASE YOUR COPIER TO KEEP
Last, but not least, you can satisfy the remaining requirements of your copiers lease, and outright purchase it. There are two types of leases, which are selected before signing your current lease: fair market value leases, and dollar buyout leases.
Essentially, fair market value leases charge you a certain amount of dollars per month that collectively add-up to the market value of your copier, over the duration of your lease. This amount can change depending on the model of copier you are using. This old copier can also be included in your new lease, allowing you to keep your old device, while receiving a new one. This provides you with service coverage for both devices.
A dollar buyout lease provides you with the option of purchasing the copier for $1 at the end of your lease’s term. While the purchase cost is a couple of orders of magnitude lower than a fair market value lease, keep in mind that a dollar buyout’s lease payment will be higher per month than when compared to a fair market value lease.
GOING MONTH TO MONTH
You can also choose to keep the copier and go month to month on the lease. You are still responsible to notify the leasing company per the lease agreement 60-90 days before you want to terminate. Some leasing companies renew in one year periods. It is important to review your lease terms before choosing this option.
Additionally, you can always renew both your copier’s lease, and its service agreement. If you copier hasn’t been used at a high rate during your old lease period, this may be a good option for you, especially if you copier rarely requires maintenance. Be aware that as parts age and come to yield, however, they will begin to break down more often.
COPIER LEASES AREN’T COMPLICATED
Or at least, they shouldn’t be. If your dealer is communicating effectively with your organization, you should know all of the options available to you when your lease comes to a close.
If you’d like to learn more about leasing a copier, check out our blog, What Do I Need to Know About Leasing A Copier?