Should You Rent or Buy Textbooks?
78According to CollegeBoard, students at a four-year public college spent $1,137 on textbooks during the 2010-2011 academic school year. As the cost of college is rising, many recommend renting textbooks to save money. However, renting textbooks may not always be the best decision.
In this article, I have analyzed the pros and cons of renting and buying textbooks. Also, I have provided a short list of what to consider when choosing a rental site or seller, as well as a list of recommended rental sites and recommended places to purchase books online along with important features of each one.
Pros and Cons of Buying Textbooks
Pros
| Cons
|
|---|---|
1. Your textbook has a certain value. You can resell the textbook (at a lower price though because you've used it).
| 1. You have to pay a certain (usually more expensive) price upfront.
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2. It's yours to keep for future reference. This is especially useful if it's a textbook for a fundamental or foundation course that you'll be needing the material for in future classes or even for your career.
| 2. If you want to sell it to someone, it may be hard if the book is not highly demanded (such as if the professors will no longer be using the book, or if a newer edition with a lot of updates have been released).
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3. Since it's yours, you can make full use of the text by highlight, underlining, making notes in the margins, folding pages.
| 3. If you sell it back to a bookstore, you usually end up getting only a small percentage of what the textbook is worth. If you opt for store credit, you get a slightly higher percentage than if you wanted cash. However, store credit may not be useful if there's nothing you need at that particular bookstore.
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4. It's yours so if you lose it or damage it, you don't owe someone else. You might have to buy a new textbook or staple pages but you won't have to pay fines to someone else for the damage. You can keep it in whatever edition you want to without being charged.
| 4. There is more of a hassle of transportation and storage if you can't sell the book right away after the semester's over. For example, if it's during the spring semester, right after finals, you will have to bring the textbook back home, and then bring it back to school next semester to sell it. Unless students are sure about their schedule for next semester, they will tend to wait till shopping period before they make a purchase.
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5. Again, it's yours. So you won't be restricted by a date to return it, and have to pay late fees.
| 5. The cost of buying a textbook and then selling it may be higher than how much you could have rented it for.
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6. If you're buying a new textbook from a reputable seller, you know that your textbook will be in excellent condition.
| 6. If you drop a class after you've purchased the textbook, you're stuck with it unless you can find someone who still hasn't purchased the textbook. If you don't want to donate the book or sell it back to a bookstore, you'll have to hold onto the book if you want to sell it to someone.
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Pros and Cons of Renting Textbooks
Pros
| Cons
|
|---|---|
1. There is less of a hassle for storage and transportation of the textbook since you can ship the book back (usually for free) after you're done with it.
| 1. You might be able to highlight (depends on the policy), but usually, you can't write in it or underline. So you might not be able to make full use of the textbook.
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2. There is less of a hassle of making sure that you can sell your book to someone or a bookstore.
| 2. It's not yours so you obviously can't sell it for money to make up for the cost of using the textbook.
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3. It's usually much cheaper to rent your textbook than it is for you to buy a textbook and sell it. The cost of renting may even be lower than the cost after you've sold the textbook.
| 3. You can only borrow it for a limited amount of time, and can't hold onto it past then for future reference without paying extra.
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4. When you rent a textbook, you don't know how great the condition will be in. Usually, it won't be a problem if the company you are renting it from allows to exchange for a textbook in a better condition.
| 4. You have to take extra good care of the textbook to avoid damage fines or compensation for the full value of the book.
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5. If you drop a class, you can usually return the textbook within a certain number of days for a refund.
| 5. Late fees can occur if you don't or can't return the book back in time. Late fees can get pretty expensive.
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Tips for Saving Money on Textbooks
- The cost of renting and buying may be different for each book. Book X would be cheaper if rented but Book Y would be cheaper if bought so compare prices (don't forget to include shipping) before making a decision about each textbook.
- Ask friends if you can borrow their old textbooks if they don't plan on selling them.
- Ask friends taking the class if you can chip in together to buy the textbook and pass it around (which may be a hassle if during exam time).
- If buying online, look for student discount programs like Amazon Student for free one-year shipping.
- Sell back your books. Most bookstores will pay you money for your books, which they will then use to sell to others. While this makes up for some costs of purchasing your books, the percentage bookstores give you is usually low (higher if you will accept store credit over cash but it's still a low percentage).
- Sell your old textbooks to other students. Hang fliers over campus to advertise your textbooks, email your old professor to advertise for you (if your professor is okay with it), or talk to students who are taking the class but have not purchased the textbook yet. You can also check out BookDefy to sell books to other students. If you're a Columbia or Barnard student, check out Dormslist to sell or buy books from students on campus.
- Check out Kindle or Nook versions of the textbooks. Electronic versions tend to be cheaper, and more portable since you can carry out a light Kindle or Nook rather than a heavy, bulky textbook.
- Check out if your school library has the textbook. This may require checking out the book right at the beginning of the semester in order to grab the limited number of copies.
- If the textbook is not available at your school library for checking out, ask your professor or the librarian if there's a copy on reserve. Usually, professors keep a copy of the textbook on reserves at the library so students can borrow the book for a few hours.
- Consider used books that are still in acceptable condition.
- Compare older editions. Find out if your professor requires specific questions from the that specific edition for homework problems. Then, check to see if the questions have changed significantly. Usually, newer editions look fancier, fixed a few small mistakes, and reordered chapters. Older editions tend to be much cheaper so see there are not too many updates with the newer editions, consider buying an older edition instead. New books are worth buying if you need access to them right away for homework and studying, can't find cheaper ones, or are books that are required for your major classes (so it's a good investment if they're useful in the future).
- Consider the international editions. Usually, these editions are much cheaper, but it's the same material. Find out if your professor requires specific questions from the textbook for homework problems. If not, perhaps the international edition is a good choice.
Things to Consider When Choosing Rental Site or Seller
- Feedback - check out ratings and reviews from previous customers to assess reliability
- Shipping costs - shipping costs could make a difference between which seller/renter is cheaper
- Rate of shipment - in case you need the textbook as soon as possible for the class
- Return policy - this is especially important if you might drop a class
- Extension policy (for rentals) - in case you need to hold onto the book for longer than expected
- Condition - make sure the book is usable
- Late policy (for rentals) - in case you run into any issues with returning the book
Recommendations for Textbook Rental Sites
- 60, 90, or 130 day rentals
- Can extend the rental period (by 15, 30, 45, 60, 95, or 125 days)
- Free shipping
- Can receive refund within 30 days of renting if you drop a class
- 15-day grace period for lateness or else must pay list price
- Free shipping
- Fast shipping (3-7 business days after processing)
- Shipping materials provided (use the same package the rental came in)
- Unlimited number of extensions
- Email and text message reminders for due dates
- Can receive refund within 10 days of renting if you drop a class
- Will be charged 140% of list price in addition to rental price if you lose book
- Free shipping
- Shipping materials provided
- Shipping takes about 1-2 weeks after processing
- 15-day grace period for lateness
- Can receive refund within 30 days of renting if you drop a class
- Re-renting same books for future semesters (for another class that uses the same textbook) will cost you 30% less than the first time you rented it
- Insurance in case you damage the book, you'll just have to pay 25% of the rental price rather than the list price
- Semester and multi-semester rental periods
- Fast shipping (1-5 business days after processing)
- Can extend rental for up to 130 days
- Shipping costs at least $3.99
- Prepaid shipping return
- Each book must be placed in its own package (bad if you rent multiple books since you have to pay for your own shipping)
- Damaged books may require full compensation
- 7-day grace period for lateness before paying list price
- Can download 1st chapter of textbook for free while waiting for shipping
- Free study tools on iPhone and iTouch app for flashcards, quizzes, etc.
- Offers not only print books but eBooks and eChapters as well
- Free shipping
- Fast shipping (3-7 business days after processing)
- Can receive refund within 30 days of renting if you drop a class
- 15-day grace period for lateness or else must pay list price but also, if 1-15 days late and you haven't used your shipping label, must pay list price for book
- Free shipping for orders over $59
- Shipping takes 4-14 business days
- Can pay for rentals later by selecting "bill me later" option
- Can receive refund within 30 days of renting if you drop a class but must pay shipping fee and 10% restocking fee
- Damage fees could be up to list price
- Late fees are 20% of list price. After 7 days, must pay list price for book
- Free shipping
- Fast shipping (offers next-day air)
- Free shipping
- Can receive refund within 30 days of renting if you drop a class
- 15-day grace period for lateness or else before paying list price
Recommendations for Buying Textbooks Online
- Can shop for cheaper textbooks by comparing individual sellers
- Minimum of $3.99 shipping unless order directly from Amazon on orders over $25 or if you sign up for Amazon Student, which gives you one year of free 2-day shipping with Amazon Prime
- Unopened items are be returned within 30 days of delivery but must pay shipping costs if buying directly from Amazon
- Can also return to individual sellers on Amazon but must pay shipping
- Offers new and used books
- Free shipping on orders over $25
- Can return within 14 days of receipt of books
- Return materials provided (use package it was shipped in)
- Can sell back to B&N for cash at end of semester
- Offers new and used books
- Can download 1st chapter of textbook for free while waiting for shipping
- Free study tools on iPhone and iTouch app for flashcards, quizzes, etc.
- Offers not only print books but eBooks and eChapters as well
- Free shipping on orders over $25
- 7 days to return but at discretion of seller unless Half.com says otherwise
- Minimum of $3.49 shipping
- Offers different conditions for different prices
- Can sell textbook on Half.com after semester is over
- Can return 30 days of shipment date but must pay shipping costs
- Free shipping on orders over $25
- Can return within 30 days of date of purchase. If customer error for returning book, must pay 15% restocking fee.
- Offers different conditions for different prices
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Thanks for the feedback, Charlotte!
i'm a college student who is thinking about renting textbooks next semester instead. i usually buy the textbooks but i want to see if i can save more money by renting. your list and comments about the resources are very helpful. chegg is very popular, and i see it on your list as well so i think i'll rent from them in a few weeks.
I've also heard that chegg is pretty popular, and they provide good service. Definitely check them out, Trent!
Very useful - I teach and advice students who can't afford textbooks to buy the second hand ones from Amazon. They are in good condition. (normally sold by students who have used them for a year and don't need them any more)
Great Hub.
This is another informative hub puddingicecream! I used to get used text books but some are old editions. It's good that some students from the University of The Philippines are kind enough to either sell their old books (for a minimal fee) or even lend it to other students.
That's really nice of the students! Those are the best way to cut costs with rising textbook prices.
students at my university also sell their old books or lend to others. this is a great guide with pros and cons. you should write more of these since your analysis is really detailed.
Muhammad, thanks for the feedback. Sure, I'll keep this in mind in the future. Borrowing and buying from students are great ways to get textbooks from a (hopefully) reliable source, and at a cheaper price.
Great hub, I had no idea there were so many rental services. I've used CampusBookRentals before and have written a review of them that may be helpful to people at http://www.prosperityhut.com/885/campus-book-renta
Charlotte B Plum Level 5 Commenter 11 months ago
This is a really good hub that is both informative and useful to college students.
I do agree with what you have written. Voted up!