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Fitness Equipment Lease Prices
When you own a gym having state of the art equipment is a must. Without it, customers will find another place to work out. But, buying all of that equipment is expensive and can be a major drain on your cash flow.
Leasing is a popular alternative to buying gym equipment because there are few, if any, upfront costs. Leasing is ideal for startups or existing gyms that are looking to expand or upgrade without shelling out a lot of cash. Corporations and nonprofits are also turning to leasing to provide gym equipment for their employees.
Manufacturers don't offer leases, but secondary leasing companies do. They buy the equipment and charge you a monthly fee to use it. At the end of the lease, you can buy the equipment from the leasing company for fair market value or trade it in for new equipment.
About Leasing Gym Equipment
Just about anything you need to equip your gym with is available for lease:
- Elliptical machines
- Free weights
- Weight machines
- Exercise benches
- Exercise mats
- Aerobics equipment
- Specialized training equipment
Leases span anywhere from 12 to 60 months, but most are either 24, 36 or 48 months in duration. You can opt for new equipment or save money by leasing used or reconditioned equipment. Either way, you'll have access to top brands without depleting your bank account or accessing bank credit.
Although most leases are aimed at commercial customers, gym equipment can also be leased for residential use.
Gym Equipment Leasing Average Cost
The cost of leasing gym equipment varies widely depending on the amount of equipment you need, the equipment condition, and your credit score. As a general guideline machines like commercial treadmills, ellipticals, and stationary bikes can be leased for $60 to $100 per month. Volume discounts are available for large leases.
With a lease your gym pays only the amount each machine is expected to depreciate while it is located in your facility. In most cases, a labor and parts warranty is included in the lease so you won't have to worry about the cost of repairs.
Some leasing companies offer 100% financing while others require a down payment, security deposit, and the first and last month's lease payments. Be sure to ask for a complete list of all upfront costs before signing a lease agreement.
Leasing Gym Equipment Buyer's Tips
There are several steps you should take before shopping around for a leasing company for your gym equipment:
- Make a list of all the equipment you need. This will expedite the quote process.
- Ask your accountant or tax attorney if you'll be able to deduct the lease payments from your taxes. In most cases the answer will be yes.
- Decide on a budget. What are you comfortable spending each month?
Once you've compiled all of that information shop multiple leasing companies in order to get the best deal. Ask each leasing company for references to make sure they're reputable. Lastly, always run the numbers when it comes to leasing vs. buying. What are the long term costs of both?