One of the most frustrating, incomprehensible things about textbooks occurs during end-of-semester buybacks. You take a book that you bought brand new from the bookstore for $140.00, walk up to their buyback table, hand it over & wait for the offer…

“We can’t buy this book.”

“What? Why? I paid $140 just four months ago!”

“Sorry, it’s going out of edition”

If you’ve ever been a college student & sold your textbooks at the end of a semester, you’ve at least heard something comparable. It may be that the book is changing editions, that the bookstore has reached their max-allowed quantity, or that the professor isn’t using the text anymore. But regardless, the bookstore won’t buy it back & as a result, there’s an extreme distaste for selling textbooks. Everyone talks about it around campus, on Twitter & Facebook, and in blogs or news articles.

“Selling textbooks is a rip off!”

“You only get pennies on the dollar.”

“My book was worth $140 in August. Now it’s worth nothing?”

Admittedly, sharing this frustration is what led me to start FreeTextbooks. I couldn’t figure out how, in a free market system & with other buying choices, the majority of Samford University students would file into such a tiny bookstore, stand in line for hours & pay full price for their textbooks.

Problem is, this is the situation at campus bookstores across the United States. So why do bookstores continue to get so much student business? Answer: location and peace of mind. You see, most students wait until they actually attend class to buy their textbooks, then they’re stuck when their professor says, “You need your book by the next class.” That doesn’t leave you many buying choices, does it? It’s Monday & you need the textbook by Wednesday? “Oh well, I’ll have to buy it at the bookstore.”

Back on topic – why is a book purchased four months ago worth practically nothing?

Because publishers frequently issue new, updated (often sparingly) editions. Why? To combat the used textbook market. Think about it – if a new Human Anatomy textbook is published in January 2010 and is adopted by 500 professors around the U.S. with an average class size of 50, the publisher will sell 25,000 copies. By August 2010, many of those 25,000 books are on the market as used, cheaper copies, which means the publisher may only sell 10,000 new copies. By January 2011, there are about 35,000 used copies floating around, causing publisher sales of new books to fall further. This repeats for the life of the book & publisher sales continue to decline each semester. So, in order to sell more books, the publisher puts out a new edition & makes sure those 500 classes adopt the new one. It’s a constant game of cat-and-mouse.

That tells you why books go out of edition, but it only leads us to the most important part. If you purchase a book for $140 and it’s worth nothing four months later, it’s mostly your fault.

What in the…? Are you serious?

Unfortunately, yes. Because that $140 book you bought at the bookstore was available elsewhere for MUCH less. How can you be sure? If it’s not worth anything, then it’s going (or already is) out of edition. If it’s going out of edition, it’s been in print for at least three semesters. If it’s been in print that long, there are plenty of used copies available all over the internet. How much are they? A fraction of what the bookstore charges.

Here’s an example:

Mario Triola’s Elementary Statistics updated to an 11th edition just after the start of the August 2009 semester. For many colleges, the 10th was required for fall classes, as the 11th wasn’t in full distribution yet. Your bookstore’s new price was $149, and it’s used price was $99. But the market for the 10th edition was sinking in anticipation of the upcoming 11th edition, which means it’s real value was closer to $35-40. In August, FreeTextbooks sold the 10th edition for $33. At time of writing, the 10th edition had a used marketplace price of $11.79, but if the 10th edition is still required this January, your bookstore will still be selling it for $149 and/or $99. Why? Because bookstores adhere to strict pricing strategies no matter what the market conditions are (see previous blog post, How Your Campus Bookstore Makes Money).

We anticipate getting a lot of questions about how books are valued during buybacks this year, so I hope this helps answer some of the most common questions. Some of our angriest customers are those that purchased books at their bookstore, then get furious when that expensive book is only worth $8 or so at FreeTextbooks. Well, $8 > $0 & our price was a lot less to begin with. Since our prices are set by the entire used market, you always get the “best-case-scenario” for buying & selling books.

In closing, we know it’s frustrating. Very frustrating. But we’re here & trying to help by selling for less and buying for more. Plus, tell a few friends and get $5 per referred buyback. There’s an easy way to boost your total…

Beat your bookstore. Use FreeTextbooks.

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Coming up next, we’ll revisit how books are valued, what drives buyback values, and most importantly, how FreeTextbooks beats your bookstore & other online buyback sites.

Questions or comments? Let us know below!

Most students sell back their textbooks at the end of the semester. Too often, they don’t take time to consider their options and truly find out which method pays the most or is fastest and most convenient. Let’s briefly discuss the often-overlooked differences between campus buybacks, online buyback services, and marketplace websites like Amazon or Half.

Put plainly, the textbook industry is stacked against students. Publishing companies battle used book companies in a constant game of cat-and-mouse, and this fight affects buyback prices. Publishers’ frequent new editions combat the used book market, and knock the resale value of old editions almost to zero. Campus bookstores buyback prices are set by these used book wholesalers, and a bookstore’s offer is based on inventory levels at these mega-corporations.

So essentially, buyback prices are increased or decreased for these reasons:

1. If and when a new edition is scheduled to be published;
2. The volume of a title in print as there are more/less copies for sale nationally; and
3. The number of campuses that will use the book the following semester.

If students are put off by these stipulations, know that they affect prices at online marketplaces like Amazon or Half too. These marketplace sites may look attractive, as the going price looks to be more than any buyback offer. But be careful, many students overlook the ins-and-outs of selling your books here.

Let’s take an example - Sociology, 12^th edition, by John Macionis. Current at time of writing, the lowest marketplace price is $64.99. Most students want their book to sell first, so let’s say you decide to list yours at $63.00. Now what?

Here’s what happens:

1. Wait for your book to sell. It could be one day or six months. You never know.
2. Your book finally sells for $63.00 and the site adds up to $7 to cover expedited shipping. Total = $70.00.
3. The site takes up to 22% in commission, leaving you with $54.60.
4. Let’s say the buyer is in Seattle. You drive to the post office.
5. You pay for postage out of pocket, often purchasing packaging or tape too. Sociology, which weighs around 5 lbs. with packaging, can cost $13.95 – $17.15 for USPS Priority Mail from Birmingham, AL to Seattle, WA. Check it here.
6. You wait 2-4 weeks for your $53.82 to be disbursed to your bank account.
7. Your NET amount paid, sold price minus shipping minus commission, is $37.45 – $40.65.

Compare that to a current (at time of writing) buyback offer from FreeTextbooks.com of $48.00. No commission. Add to that prepaid shipping, a referral system (get $5 for every friend you refer), price matching, and same-day payment, and there is no better offer.

Questions or comments? Post your thoughts below & start the discussion.

What is FreeTextbooks? Founded in January 2009, FreeTextbooks.com is an online textbook buyer and seller with a growing nationwide online clientele and a real-world presence at the University of Alabama, Samford University, the University of Alabama-Huntsville, Auburn University, and Troy University. We sell for less, buy for more, and offer a unique cash back program (so you can earn free books). In addition, FreeTextbooks.com is a social venture, helping to meet the underprivileged’s most basic needs – food, clean water, clothing, education, and health. In the past four months, we’ve provided 850 meals to Birmingham’s Jimmie Hale Mission.