Not too long ago, college kids spent a boatload of their parents’ cash buying books for their classes only to earn a fraction back when they’d sell them back at the end of the year to resellers. After spending upwards to $500 on new books at the beginner of a term, they’d get enough in resale to buy a large pizza or two.
A recent survey from CampusBooks.com that Campbell Rinker conducted found that 85% of students purchased their textbooks online but 2 in 5 (39%) felt they got “poor” resale value at the end of the semester.
But nowadays students have more options in they can rent books for the semester only.
Taking the data from the survey, CampusBooks.com created what it calls the first-of-its-kind tool that gives customers detailed information to predict whether they will get more value renting or buying a book.
The tool utilizes a proprietary algorithm to estimate the value of the book in 6 months, typically the end of a semester term.
“How to decide whether to buy or rent a textbook is the most frequently asked question we receive from students and parents around the country,” says Jeff Cohen, CEO of CampusBooks.com. “This compelled us to work with our creative team to be the first in our industry to introduce a tool that will finally give students the confidence they have been searching for when it comes to shopping online for textbooks.”
Here’s what the output of a query nets:
- Side by side price comparison: This chart compares prices of buying and renting including the price of the book, buyback price, condition of book and rental cost for the same book side by side to help buyers decide to rent or purchase a textbook.
- Historic buyback prices: Based on the book’s serial number, the buyback tool shows the price of the book day by day through a linear chart to further help determine if purchasing a book is worth the cost or if it will depreciate.
- Purchasing Questionnaire: CampusBooks.com personalizes the book buying experience by asking questions to help buyers make smart decisions based on their individual needs for the textbook.
- CampusBooks.com recommendation: Using past sale trends, CampusBooks.com compares prices for every book for the buyer and suggests the best option to ensure the quickest and most cost efficient purchase along with a confidence rating of the purchase.
Nice to see these options that empower students and their parents.
For more information, please visit www.campusbooks.com.