At the end of your lease, what should you do with your old technological assets?
Leasing electronics is a common strategy by businesses looking to save money or simplify their purchasing process. But at the end of the lease, you may not know what to do with your equipment.
Depending on your lease agreement, you may be able to initiate a lease return, or you may have other options available. These are some of the most common:
- Upgrade to new equipment. One of your best options is to upgrade to new equipment. You may be able to return your old equipment in exchange for newer devices for an upgrade to the speed, efficiency, and performance of your team; if this is the case, you’ll need to responsibly delete the data on your old devices.
- Keep the equipment. Some lease agreements allow businesses to keep the equipment they’ve leased, usually for a small additional cost. This is an advisable option if you want to keep things simple and you’re still satisfied with how these devices are performing. At this point, you’ll own the equipment, and may need to sell or dispose of it in the future.
- Return the equipment with lease returns. In a lease return, you’ll need to return your old equipment at the end of the lease. This can be a tricky and expensive process, since you’ll need to wipe your equipment of former data. An electronics recycling facility can help you ensure this is done responsibly.
- Extend the lease. You may also be able to extend the lease. If you’re satisfied with the arrangement but you don’t want to purchase the equipment outright, you can simply lengthen the terms of the lease.
Some of these options will be more favorable to your business than others, for both financial and practical reasons. No matter what, you’ll need a partner who can help you package or recycle your old electronics responsibly. If you need help with your end of lease strategy or lease returns, contact e-Waste for a free quote today!