I posted the topic question thrice on Yahoo! Answers and these were the answers I was given:
"You’ll probably get greater accuracy in terms of colour with an inkjet. But...as a visual artist you may not want that. A laser copier, (I’ve often thought about this myself) will give you a different, unrealistic, maybe more amped output. It really depends on how you want to use it. Whether it’s for artistic purposes or more mundane tasks. Also the running costs overall maybe a lot less."
"Color printers, whether ink jet or laser, all use similar color ink printing technology. the laser models are more complex but save on black only printing because they use cheaper per page laser toner for that. more complex usually means they break down sooner -- in my experience."
"The main advantage of the laser printer is speed. The main disadvantage is flexibility in terms of print media.
Inkjet may be slower but it has been adapted to more types of inks that will suit more different kinds of media. We're not only talking about the plethora of paper types but also other printable surfaces. That's why large format printers, those that can do tarpaulins for billboards and buses, are all inkjet."
"A laser printer is far faster and cheaper to run in the long term.
But, they are not quite as good for photographic type printing as injets or dye sublimation printers.
You can print on glazed paper like magazine covers with a laser printer, but not actual photo-style gel surface paper.
But neither do A4 photos cost £1 or more per page, as they easily can with some inkjets.
More like 5p to 15p for a full colour A4 page with a laser printer.
Which is most suitable probably depend on the type of art you are doing?
Line art or work with different areas of single colours should be fine with a laser printer.
Things that have smooth changes of shade or colour and need to look like photos would likely come out better on an inkjet with photo paper, or a dye sub.
It's partly the close-up surface finish; inkjet ink soaks in, while laser toner is fused to the surface.
At a distance you would likely not be able to tell the difference but it's noticeable if handling photos printed from each type; the surface reflectivity and texture are different.
Also, if you only going to use normal paper rather than specialist types, you will get better results with a laser printer; an inkjet cannot use the higher quality photo modes except on special gel surface paper, as normal stuff would be soaked with ink and disintegrate...
Sublimation printers are the ultimate for image work, but no good for conventional letters etc., just art or photography. They are also expensive to run, typically over £1 per page for A4 no matter what you print.
I gave up on inkjets years ago & never looked back - the laser printer has a fraction of the running cost and does not "dry up" if not used for a week.
But I'm not an artist & not generally bothered about printing ultimate-quality photos."
So the general consensus here is laser printers are better
A few acquaintances of mine were telling me a Canon color imageCLASS MF641CW all-in-one printer was being sold on Walmart.com for $200 but that offer expired apparently. Yes, this is a laser printer.
Assuming it was being sold on Walmart.com with free shipping and/or free delivery its cost was a lot cheaper than the cost of a printer I expressed an interesting in buying off of Ebay. The vender wants to sell me his HP Color LaserJet CM1312NFI All-In-One Laser Printer for 240$. that includes all 4-color, large ink refills for the printer. With shipping and handling it would cost $374.45.