Within the last two years, a movement in the online textbook business has explosively emerged: College Textbook Rentals. The buzz is out; my Facebook is full of posts from college students spurting the wonders of this astounding business model, as if it were the next handheld gadget invention or turbo-charged public networking model.
Having worked online textbook sales for numerous years, and having the knack to compare the value of time and expenses, I'm not fully convinced.
Bookstore
A typical example, using realistic averages:
A rental site will offer a textbook, say a book titled "International Business" for . At the college bookstore, the book is selling for 0. The current online price on major sites like Amazon.com and eBay's Half.com for a used book is about . Seems like a no-brainer, eh?
I'm not so sure. If these options are viewed from the angle of what you, the student, will Net, renting is for real the second best option.
Here's the inside scoop: Buying at your college textbook store is typically the worse choice for your pocketbook. If you buy the above textbook for 0, it's likely your bookstore will offer - for it when you sell it back to them. If the buyback estimate turns out to be , you're net loss on this one book is 5. Ouch. Let's say you're enrolled in four other classes with similarly priced books, a likely scenario. Multiply your net loss estimate of by five for all your classes, and your net total outlay is 5 for the semester. Incredi-Ouch.
If you rent the above textbook, you'll spend , and in some cases, - for shipping it back to textbook rental business at the end of the semester (always ship media mail, it is the cheapest route.) Your net outlay equals . Multiply this form by five for all your classes, and your textbook total cost for the semester is 5. Better, but....
How about a third option? Let's say, you buy the book on Half.com for , and at the end of the semester, you take ten minutes to set up a half.com list (you'll need a credit/debit card plus checking list information), and then sell the book online for . You'll be mostly reimbursed for shipping (you'll likely net -.00 on this for media mail shipments) and half.com will take a ten percent commission. Your outlay: .00. Multiply this form by five for all of your classes and your total textbook cost is for the semester.
It's clear that buying and selling online is the best route if you want to minimize your textbook expense. And if you buy your books early enough before every person else does (December for Spring Semester and late July/early August for Fall Semester), it is likely you'll spend only versus on the aforementioned book as the furnish will still be plentiful online. If you sell at the right time (wait until the last two weeks of January or first two weeks of September), when every person else is buying and the online textbook furnish dries up, you may sell your book back for More than what you purchased.
Regarding buying and selling online, the most base objection I often hear is, "But I don't want to deal with the hassle of creating an account, selling, etc etc." It can be a valid objection, but really, what is the value of your time? If you spend 40 minutes on your first transaction which includes list set up time, and 20 minutes per book on the rest of your transactions, the estimate of savings per hour you created by buying and selling versus renting is 2.50 per hour. Is your time worth 2.50 per hour?
Also, for a seamless online selling process, write a super-accurate report when creating your listing, and ship the textbook quickly, as in no later than two days after the sale date. And, if you end up purchasing an international edition online, Do Not sell it on half.com or amazon.com, it's against their policies-sell it on eBay instead. In fact, I'd avoid these international edition books if you're just beginning out.
Another objection I hear is, "But I want to keep the book as a reference." My next report will cover a strategy where you can maximize your savings and sales price on your college textbooks, and keep the books for reference. Say what?! It's much easier than you think.
Please email me for more tips on minimizing your textbook expenses and maximizing the value of your books. There are more methods and strategies to fine tune this process, which can only growth your rate of pay or savings when peddling your college textbooks.
Christopher President Happytime Books happytimebooks@live.com
College Textbook Rentals - Should You Rent Your Textbooks?
