Do you need the asset for the long term?
First, will your business need the item for the foreseeable future? If the answer is yes, hire purchase could be a good fit. But if you only need it for a short time or you’re not sure, leasing might be a less risky route to take.

Will the asset depreciat?
Second, will the asset hold its value? Depreciating items are usually leased rather than purchased — but relating to the first point above, if your business needs it for the long term that could be less important.

Does the technology moved on rapidly?
Finally, you should assess whether there will be an updated version of the asset in the near future. For example, in manufacturing, having state-of-the-art equipment is a significant advantage — while having the latest model of van might not be so crucial to your business.