6 Reasons Why You Should Consider Leasing Fitness Equipment
This entry was posted on July 29, 2021.
Doing regular exercise has many benefits to the body, from boosting muscle strength to improving endurance, exercise is one great way to a healthier and happier you. However, if you want to start working out or start your own gym club, leasing fitness equipment is one option you can do if money is tight at the moment.
There are many benefits of fitness equipment leasing, for one, you can have the best equipment to have in the comfort of your own home to start your fitness journey without paying for gym membership fees.
Gym owners are also keen on leasing fitness equipment as it is a good option for those just starting out or for small gym owners to start generating profit in the beginning through leasing first before making the huge investment and buying equipment later on.
6 Reasons to Start Leasing Fitness Equipment
Leasing is a great way to get the latest equipment
When you lease, it allows you to stay on-trend with the latest equipment and technology while paying a fraction of the price over a period of time. The fitness industry is constantly churning out new brands and models of equipment that are better and newer than the last.
When you lease, it helps you stay on trend and upgrade the fitness equipment every 3-5 years so you can enjoy the new technology and features that come with brand new equipment.
You can stay on track with the latest innovations, user experience, and better performing equipment.
It’s easier than ever to lease fitness equipment
Leasing fitness equipment is more popular than ever. Leasing is easier to pay for as it has flexible terms than having to loan equipment. You can also have the possibility for a tax deduction.
Leasing is better for beginner start-ups and small gyms that want new high quality equipment but do not have the money to buy it.
Leasing gives the owners an option to buy the fitness equipment and pay for it over time, or if the company is flexible, trade it for newer equipment at the end of the lease period.
One piece of advice is to look for a company that has flexible plans with terms and conditions that are appealing so that you can have the best equipment that you need in a way that won’t hurt you financially in the future.
You can stop leasing at any time if you decide it’s not for you
If you are considering leasing fitness equipment rather than buying it upfront, you need to enter into an agreement and sign a contract with the owner of the equipment or seller.
The owner will lay out the agreement in which it states how the equipment will be leased and how much you will pay.
On the lease term, you can use the equipment until the contract ends. However, there are instances where you can break the lease and stop it if you decide that it’s not for you. You need to make sure that these cases are stated in the contract first as many leases are rarely cancelable.
The cost of leased equipment is lower than buying new
In the fitness industry, the models and equipment are constantly changing and evolving so in the long run, leasing equipment is cost effective rather than buying something new when there is a newer model out.
It is more expensive to buy equipment now than finding a better one at an affordable price that will be released tomorrow.
When you own a gym club you know that exercise equipment is bound to have wear and tear due to constant use so the cost of having it replaced can cost an arm and leg so, leasing fitness equipment will help you have the newest models without the cost of buying the equipment and buying new parts and gears to replace those that are irreparable.
Lease payments are fixed, so they won’t go up over time like your mortgage or car payment might
When you lease a piece of exercise equipment, your payments are fixed. You pay the fixed rate for the time period that is stated on the lease agreements.
The added interest and other fees are already part of the payment plan that you signed to pay. Typically, a lease agreement/contract can last for 3-7 years, depending on what equipment you got.
Tax benefits of exercise equipment leasing
The benefit of leasing exercise equipment is the tax benefits because you can write off the whole amount without actually paying the full amount of the exercise equipment. So, you are actually saving money in taxes because the money you paid may exceed the lease payments.
All payments towards the lease exercise equipment made are tax deductible, so the payments will lower your taxable income and also the tax liability.
More from Fitness Expo
Fitness Expo caters to all your exercise needs from treadmills to fitness accessories.
First opened in 1980 by the Rice family, the store continues to offer the top brands and largest selection of exercise equipment for the home or commercial facility making it one of the oldest and most reputable fitness retailers in the country.
We have showrooms across Louisiana and Mississippi, but you can also shop on our website from the comfort of your own home. Contact us today!