Having the latest equipment is crucial for businesses to stay competitive. Upgrades comes at a price, but don't let that deter you. Instead, consider the different options for acquiring new equipment.
Capital improvement across all industries
Industries ranging from transportation and machinery to software and technology continue to invest in capital equipment. U.S. businesses, nonprofits, and government agencies are expected to spend more than $1.8 trillion on new supplies and upgrades in 2021. That would result in 7.8% growth in equipment and software investments for the year.1 In 2010, equipment expenditures totaled $676.1B.2
Future dollars will be distributed across many equipment types—with construction expected to see the heaviest investment, followed by medical, trucks and trailers, and technology.3 But all industries are showing signs of acceleration, potentially forecasting strong investment activity.4
By leasing your equipment, you can get the equipment or software upgrades you need without taking a big bite out of your budget. Many industry-diverse companies opt to lease equipment for the following benefits:
- What's your monthly budget?
- How long will you be using the equipment?
- Will the equipment become obsolete quickly?
- Is the equipment eligible to be leased?
- How flexible are financing terms?
Equipment can quickly become outdated and obsolete—and a liability. Deciding whether to lease or buy business equipment depends on many factors, including the state of your business and your financial and business goals.