A good gym has a wide variety of equipment to build well-balanced and effective workout regimens. The big decision when obtaining this equipment isn’t what types of equipment to get, however. The major choice lies in whether you want to buy or lease gym equipment. Buying the equipment is what many people are used to, but there are many benefits to leasing gym equipment.
Regular Updates and Upgrades
When you buy equipment, you may feel apprehensive of updating and upgrading the machines since it’s such a big investment. It’s especially difficult to make such a decision if your old equipment is still in great condition. When you lease gym equipment, you can update and upgrade equipment every few years without worrying about sacrificing perfectly good equipment or spending large sums of money.
Focus More on Quality, Not Cost
Speaking of money, leasing is much more cost-effective than buying equipment. Since you’re saving much more money, you can put more focus on buying higher quality equipment rather than what is the best quality you can afford to buy at the time. It’s true that higher quality equipment yields higher leasing costs, but most equipment leasing companies make extremely reasonable payment plans for even the best equipment based on your budget.
Lease payments can be written off as a business or operating expense on your taxes. Not only does this help alleviate the weight of your monthly payments, but you can also take advantage of several specific tax breaks related to leasing gym equipment such a bonus depreciation and the mid-quarter convention.
More Flexible Payment Plans
Leasing has very flexible and affordable payment plans. This is great for people with bad credit since it helps prevent defaulting on payments and may even improve a credit score over time. It’s also great for people with good credit since it lowers the risk of damaging a good credit score. Buying equipment also commonly comes with payment plans, but they are much more rigid and generally aren’t favorable towards people with poor credit.