Years ago when I was attending college working towards my bachelor’s degree, there weren’t many options for purchasing textbooks. The internet was in its infancy (I’m dating myself!), so purchasing through vendors like Amazon or Chegg wasn’t an option. The only choice I knew of was to head immediately to my campus’s bookstore and pay full price for a new textbook. Sometimes I’d save money by purchasing a used book, but majoring in an unpopular subject such as anthropology, left few books to choose from.
Two years ago I returned to college to earn a teaching credential. My how things have changed when it comes to purchasing textbooks. Not only can I purchase a new or used book, I have the option of renting them. The internet has opened up choices for saving money on books.
But with choices, comes decisions. Back in the day when I purchased my textbooks, I’d keep them for years. They’d gather dust in storage eventually getting sold at a garage sale or thrown out accidentally while cleaning out old papers. Now, I’m much more likely to rent than to buy. And when I do buy, I often resell my books. A few factors to think about when making the choice to rent or buy are:
- Do you like to keep your books for nostalgic reasons or reference? A few peers of mine like to refer back to old textbooks and look up information. Some friends also like the idea of holding onto old college memorabilia, including textbooks. If this sounds familiar to you, then purchasing your books might be the better option.
- Do you like to resell your books and recoup some of the initial expense? Since I’ve stopped collecting textbooks, I’ve gotten in the habit of reselling my books for about 1/3 to 1/2 the original price. For me, it boils down to what makes the most sense financially. If I can rent the book for the same price as buying a used book, then I buy with the intention of reselling. However, if renting is much cheaper, I rent. Renting is an excellent option if you don’t like to keep your books. Do the math and decide which makes financial sense.
Cost Analysis
This semester, I have two books I need to either purchase or rent. Since one of the editions is new, I might be able to purchase the older edition for a fraction of the cost, but I’ll first need to clear it with my professor. Here is a cost analysis of renting versus purchasing a used book:
Should I buy this textbook?
-Or-
Should I rent this textbook?
For about $23 more, I could purchase a used book instead of renting it. Since I might be able to resell it for about $25, buying might make more sense. It’s such a close call it might not really make much of a difference.
Pros and Cons
The down side to buying a used book is that the resell value is quite low. If you opt for the new version, your resell value might plummet if the publishers come out with a newer version. Of course, if you keep your books then resell value won’t matter.
Last semester I rented most of my books. However, I ran into a slight problem; I spilled coffee on one of my rented books. If a rental book is damaged, most vendors won’t allow returns. I had two choices; return the book and pay a damage fee or purchase the book outright. Since the damaged fee was almost the same amount as the purchase price, I purchased the book. That one book ended up costing me more than the original purchase price.
When it comes to ordering textbooks, shop around and decide whether renting or buying is the better option. College is expensive; finding ways to save money on books is smart.
Did you or do you rent or buy your textbooks? Was renting an option when you were in college?
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Perhaps it depends on what course you’re taking…
I’m currently enrolled in an MBA program through the UMass Amherst and I wouldn’t consider renting any of my textbooks. Although I have bought a few of my text books used, I like to be able to highlight certain pages, scribble in the margins, and keep the books as reference for future use.
With accounting, financing, human resources, and similar subjects, I believe there is a great likelihood that I may forget a formula or key concept and the marginal expense of purchasing the textbook (compared to tuition for the class, is not enough to encourage me to sell a potentially valuable resource.
Benjamin recently posted..Lessons Learned from Yesterday’s Stock Sell-Off
That book is selling on amazon for $77 used.
I would buy it for $74 and resell it for $77.
http://www.amazon.com/gp/offer-listing/0205594913/ref=sr_1_1_olp?ie=UTF8&qid=1312571718&sr=8-1&condition=used
Ashley @ Money Talks recently posted..Our Change Jar
Renting was not an option when I went to college. I generally bought used when they were available. More recently, I bought a book that 3 of us shared. We shared in the cost and loss when we sold. Roommates could do this if they are taking the same courses.
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@Ashley – Excellent point! I also like to cross check with Amazon and eBay. I think buying used then reselling is the way to go with this book.
@Benjamin – You’re definitely right. The books I’m using discuss the theories behind teaching. With years of experience, I sort of know what works best depending on my class from year to year. I don’t necessarily need to refer back to textbooks to define a certain teaching method. In your case, however, I can see where formulas need to be revisited from time to time.
P.S. I hate highlighting in text books. Instead, I write notes down in a separate journal. I tend to remember the content better when I do this.
@Krantcents – I guess that would work as long as your roommates and you had similar study hours and behaviors, and the same classes of course.
I went to college some 40 plus years ago. We rented textbooks way back when. I didn’t even know about buying textbooks except possibly used textbooks. I remember I went to college library and checked out a few required books.
Purchasing books for me was basically all bookstore first semester when I was in school, then I wised up and checked amazon and half.com – most of the others werent around when I was in school from 03-09
Jeff @ Sustainable life blog recently posted..Work Travel and Exercise
I bought the books as well. My girlfriend buys her books and then resells them on Ebay or Amazon. She often makes back the money or at least most of it. With renting you don’t….I think buying is the way to go, personally.
Jon – Free Money Wisdom recently posted..A Programmable Thermostat is a Must
Renting was not an option for me. I bought the books and now hang on to them. They do come in handy for referencing different things. I think a better way to go now is to buy the e-text books. They are way cheaper than the hard-copy and you can browse and search in class on your smart phone or tablet.
Hunter @ Financially Consumed recently posted..Seven Links Project At Financially Consumed
@Hunter -I haven’t given much thought to e-textbooks, but that would work for some students (I’m not so sure how I’d like it, I still haven’t tried out a kindle yet.) It would be less waste as well. I think this idea is growing on me.
@Mary – The library is still a great way to “rent” a book, but often there is only one textbook available at the school I attend. It makes it a little difficult if there are 2 or more sessions and 25 students per class. However, it’s interesting to know that your school was renting books quite a while back. Thanks for sharing!
@Jon – With renting, you don’t make your money back. However, I’ve had a few experiences where I bought a new or used book, then tried to resell it and the publishers had come out with a newer edition and my textbook was worth close to nothing. I hate when that happens. Especially when the publishers just change the cover!
Renting wasn’t an option when I was in university, but if it was, I definitely would have taken advantage of it! I usually didn’t bother with used textbooks, since you would typically only save five or ten bucks, and it would be all written over, pages messed up, etc. Honestly, my solution to spending a small fortune on book buying was to just not buy them. I found I got by just as well by taking really, REALLY detailed notes during lecture, and borrowing the books from the library if I needed to.
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There aren’t any renting websites here in Canada (or none that I know of).
I just spent $650 on my text books this term already! (not looking forward to seeing how much the rest of the masters program will cost lol).
I bought most of my text books from amazon.com (even if you amazon.ca the book prices are like 30% more expensive) and paid the duty. It still came to be cheaper than buying it from the recommended university bookstore.
Great post, little house!
youngandthrifty recently posted..Weekend Ramblings & PF Blog Love: Outdoor Stairmaster Edition
Amazon is allowing text-book rentals on the Kindle! I can see a huge win here and a coffee-spill won’t be an issue at all (other than the ruined Kindle that is!)
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