Leasing refers to an owner, or lessor, selling use of his property (equipment, automobile, home, or business) to a lessee. For many individuals, leasing is a good alternative to buying because leasing requires less equity and, therefore, more people have the qualifications to lease than to buy. For example, a $1 million piece of property may be too expensive for a business to purchase, so they lease it for $5,000 per month, which they are able to do with the profits they make.
Having the latest high-tech equipment is crucial for an IT company, so they may lease the best computers and have a continuing upgrade in their contract. This is much more cost-effective than regularly having to purchase the latest model, especially because computers are constantly being improved upon and the older ones become obsolete in no time.
Many other types of equipment, such as those used in construction, entertainment, weddings, and offices are typically leased to the user. Bulldozers, loaders, graders, and cranes are just some of the equipment needed when constructing a new building. If the building owner bought these items for the temporary use needed, he would spend hundreds of...
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