Scientific instruments are delicate, precise devices that offer insight into everything from molecular makeup to intergalactic phenomena. Depending on the work done at a laboratory, there could be a limited budget available to pull together the required assets. So, is buying, renting, or leasing lab equipment better? Well, here’s a quick summary.
One of the most common options for any laboratory is purchasing lab equipment outright. While this may give the lab complete ownership of the piece, it does cost much more upfront. Ideally, businesses should buy their lab equipment if they have the capital to do so or can obtain a favorable loan.
While weighing the decision, remember that there are several purchase options, from brand new to refurbished, along with top-of-the-line to mid-range. Consult with specialists who know the industry to make the best choices that will set your business apart.
Renting lab equipment is another great option. While renting and leasing may sound like the same thing, they are actually quite different. Renting equipment is best for short-term projects and machines that labs will only use occasionally. Though it is not a long-term solution, it is great for operations that need reliable equipment, like a university science lab. It is best to rent durable equipment since it’s likely others have rented it out before.
Leasing equipment offers more flexibility and is best for longer-term projects. Leases typically come in two forms: capital and operating. Capital leases are essentially rent-to-own agreements. At the end of the lease, lessees own the machine. The other kind is an operating lease where the lessee does not own the product at the end, but they are not responsible for buying newer versions of the equipment.
The next time your business manager asks, “Is buying, renting, or leasing lab equipment better?” you’ll have an answer at the ready. If you have further questions about lab equipment options, reach out to our team at GenTech Scientific today. We offer all kinds of lab equipment—a large range of new, used and tested, and robustly refurbished instruments. For example, analytical instruments like this Agilent 6460 Triple Quad LC/MS are available for purchase or rental. Search our extensive inventory for the instruments you need, and then contact us for options to get them into your lab and working for you!