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Ink cost for that printer is around 5-6 cents a page black only, and around 10 cents a page for color ink. (not sure if your printer keeps both mounted or if you have to swap between them)
A similarly priced Brother laser (B&W) will operate for 1.9-2.6 cents a page.
Depending on how much the printer is used, and if color is really needed, its really hard to justify an inkjet for anything but higher end photography any more. Use it a lot and you get eaten by ink prices. Don't use it often and you have to waste ink on printhead clean cycles, if not outright replacing the not-yet-empty ink cartridges.
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Yeah, I am waiting to see how swell this new HP Ink On Demand deal works... Right now I can print all I want for free until Feb 1, 2017. So, doing NFA submissions, and printing my 20 page trust, and all the forms to go with that, is nice. I have always used HP, but as others said, printers are disposable.
Also, my wife likes to print photos, and my son prints online coloring stuff, so black only doesn't work for us. But for $3/mo or whatever it is, can print up to 50 pages a month, plus roll-over pages, and when cartrdiges get low they send me new ones. So, $36/year for ink when I need it, beats what I pay at office stores, and I usually find out when I urgently need to print something.