One of the biggest complaints students have about going to college is the incredibly high cost of textbooks that they are required to purchase for their classes. Many can relate to the following scenario: you take your required textbook list into the bookstore where you find that there are many books the size of ones you are used to purchasing for fun, leisurely reading. But instead of paying $10-$20 like you usually do, the books for your classes are often well over $100. EACH. After getting an arm load of books, you wait in line at the bookstore where you then fork over four or five hundred dollars for your books for the term. At the end of the term, you go back to the bookstore to sell those same books back, only to find out that the bookstore won’t buy back many of the books they sold you and that they will only give you pennies on the dollar for the others. Ask any college student how they feel about buying textbooks at their bookstore and their response will be a sarcastic mantra of solidarity.
In the last several years, not only students, but parents and college administrators have become more aware of the issue. Even congress and state legislatures are addressing the issue, looking at ways to hold down the costs for students. And of course, even publishers and entrepreneurial businesses are stepping forward. As a result, several alternatives to the traditional practice of buying and selling books at the college bookstore have come about. With almost everyone having access to the internet these days, buying and selling textbooks online has become one of the most popular options: students can often buy their books for 25-70% off of the retail price and then sell them back online for buyback prices comparable and sometimes better than their college bookstore.
One of the newest alternatives now being advertised to save college students money is textbook rentals. Many websites and even some bookstores are now jumping on the bandwagon, advertising that students can save up to 80% by renting instead of buying. Riding the wave of popularity of companies like Netflix, the popular online DVD rental website, the concept is based on the idea that students can rent a book for far less than they can purchase it for. Makes sense and at first thought it sounds brilliant.
But is it really as good as it sounds?
A good example of the cost of renting vs. purchasing can be made by comparing the costs in acquiring a commonly used textbook in many human anatomy classes across the nation. Human Anatomy and Physiology with Interactive Physiology® 10-System Suite, 8th edition, by Marieb and Hoehn, retails for about $201 at college bookstores. This same text costs $74.49 to rent for a semester from one of the leading online rental sites. Typically, the rental price will vary depending on whether the renter chooses a 60 day, quarter, and semester term rental period. Many of the textbook rental sites such as Chegg.com pay for shipping both ways: to get the book to the renter and for the book to be shipped back to the rental company. In this case, renting the book instead of purchasing the book new from the bookstore would save a student $126.51.
Now, let’s say a student decides to purchase the same text online using an online marketplace such as Amazon.com or Half.com. A quick search of these sites shows brand new Marieb texts bundled with CD and atlas starting at $133.95- a significant savings from the college bookstore. The buyer on such a marketplace typically pays for shipping, which usually costs around $4. So the total cost for the book is about $138. However, at the end of the semester, a student has the option of selling the book back. If they choose to sell this book back, such companies as Betterworldbooks.com, Textbookrecycling.com, and Textbooks.com would pay $84.84, $83.24, and $79.40, respectively, with all of these companies paying for the shipping of the buyback and issuing payment soon after receiving the books. Taking the highest buyback offer as a benchmark, the total savings for the book from purchasing and selling online vs. purchasing the book new from the bookstore would be $147.84.
While this is just one example, other price comparisons are similar in that sometimes renting is more economical while in some cases buying and selling online is more economical. All in all, the price savings between renting and purchasing and selling books online are more or less the same.
When weighing the question of whether to rent or buy, it may then come down not so much to overall price but to the upfront costs and flexibility one wants to have once they have the book in your hands. For example, one great advantage of renting vs. purchasing books is that you pay less initially and avoid having so much sticker shock. This is extremely appealing, especially if you know that you have no intention of keeping the book once the school term has ended. And most of the rental companies such as Chegg and College Book Renter have made the rental process easy, sending e-mails to remind customers of when the books are due and providing free shipping labels. There are potential downsides to renting, however. One is that if you do decide to rent, you’ll need to closely adhere to the conditions agreed upon in your rental agreement. If you are a habitual highlighter, like to jot notes in the margins, or are typically rough with your books, you may be in violation of the conditions and will need to purchase the book you intended to rent, often at full price. Also, one must be concerned about returning the book on time in order to avoid paying late fees. Finally, most textbook rental companies clearly state that they do not guarantee that supplemental materials such as CDs or valid online access codes are included with textbook rentals. This may be OK unless such supplemental materials are required as part of the course for which you are renting the book. While one needs to also be wary of this when purchasing books online, most vendors state outright what supplements are included with the purchase. Overall, if you tend to significantly highlight your books, need supplemental materials such as CDs, or want the option of keeping your book as a reference at the end of the term, purchasing the book is likely to be your best bet.
With the costs of college getting out of control, lowering the costs students spend on textbooks is one way to soften the blow. In comparison to the traditional practice of buying books at the college bookstore, renting textbooks and purchasing and selling books online instead of paying full price at the bookstore are both viable options. Students should be aware of all of their options and which ones may be best for them. And as high textbook prices continue to become a bigger issue, it will be interesting to see what existing and newer alternatives become the next big thing.