The decision to rent or to buy textbooks is the predicament that many college students face at the beginning of each semester. The cost of higher education has far outstripped inflation in the last decade. Tuition, housing, fees, and various technology costs have stretched almost every student’s budget thin. Though there is little students can do about the rising tuition rates, many are starting to explore ways to save funds in other areas.
One popular method is to rent textbooks rather than to buy. In the past, most students simply bought their books at the local university bookstore, but the emergence of online marketplaces means that there are more options than ever when it comes to purchasing textbooks.
Pros and Cons of Renting Textbooks
At first glance, it appears that renting schoolbooks is substantially cheaper in the long run. Renting books is generally one-third to one-half the cost of buying a book, and many online retailers offer free shipping. Renting a textbook means that you aren’t stuck with an old edition and that you don’t have to worry about the hassle of trying to sell books back at the end of the semester.
There are, however, several points to consider before renting. Most importantly, you have to evaluate what kind of methods you use to study. Some students like to read the text and take notes on a computer or notebook, but others prefer highlighting or writing in the margins of the book itself. Obviously, if the latter is your method, renting is not a good option. Most textbook rental companies require that the book be returned “lightly used” without any highlighting or marks of any kind. Otherwise, the renter is often charged full retail price for the book or is required to pay a fee.
Selling Back Textbooks for Profit
One of the more frustrating aspects of university bookstores is that when students try to sell back a book at the end of the semester, many find that a new edition has been released or the professor is no longer using that particular book, which effectively renders the old edition useless (in terms of profit).
Despite this common phenomenon, some university bookstores now offer a buy-back guarantee. Typically, this means that the store will automatically buy back a book for at least 50 percent of the purchase price. If you know in advance that you will not be keeping a textbook, be sure to ask about a guaranteed buyback and compare the net price to that of a rental.
Textbook Rental Places
In many cases, it may be cheaper to purchase a used book online rather than renting or buying from a local university bookstore. Sites like Amazon.com or eBay offer used books that are often less than $10 and are usually in pretty good shape. If you are unable to resell the book later, at least it cost you less than purchasing at a traditional bookstore.
Plan to only purchase new books that are in your major. For example, if you are a psychology major, you will probably want to keep your psychology textbooks for other classes or for reference material after you graduate. There’s no reason to hang onto that $75 accounting book, so renting or buying used may be the better option for minor courses.
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