Gym owners face the tough decision to buy vs. lease their exercise equipment. Unfortunately, there are pros and cons to both, which makes the decision to buy or lease even more challenging. Here are some of the advantages and disadvantages to renting and purchasing your gym equipment.
Cost
Buying: Buying gym equipment is a smart investment. While buying gym equipment may have a higher initial payment, the overall cost of owning your exercise machines is cheaper than renting them. Another perk to owning gym equipment is that it is considered an asset, so when you sell your gym, you can receive money back on your investment. Remember to keep tax right offs in mind when configuring overall cost of buying equipment as well.
Leasing: Leasing equipment may be a good option for new or small gym owners who lack the money upfront to buy. Generally, a lease is easier to finance and has more flexible terms than equipment loans. Another plus is the possibilities for tax deduction. Keep in mind, however, while payments may seem more manageable initially, leasing equipment is always more expensive over time because you do not gain an asset.
Upkeep
Buying: One potential con for buying equipment is assuming the responsibility for all maintenance and upkeep. This means the gym may be out a machine for the duration it takes to fix and repair it. The gym owner is responsible for prolonging the life and longevity of the equipment by simple tasks like wiping down machines and assuring they are used appropriately.
Leasing: One of the biggest benefits of leasing your gym equipment is that you have lower maintenance costs and have the opportunity to exchange equipment when broken, out-of-date or unused.
Quality Equipment
Buying: When buying equipment, you have the ability to customize machines and cages to fit your gym’s brand, functionality and space. Leasing equipment does not come with this luxury. The ability to customize the colors, attachments, connectors and more is an unbeatable perk.
Leasing: Perhaps the biggest benefit of renting equipment is the ability to change out your machines every few years for newer ones. This can contribute to customer satisfaction, however, it largely depends on the manufacturer and vendor you choose. It is important to read all terms and conditions before leasing equipment from a company.
At the end of the day, you need to weigh the long term expense and the needs of your gym when looking for new equipment. As you weigh the pros and cons of buying or leasing gym equipment, explore some Legend Fitness equipment.
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