This article first appeared in the St. Louis Beacon, Dec. 10, 2009 - As college students across the region finish their final exams this month, many will stuff their textbooks far under their bed or look for the nearest Dumpster. Others will head to the campus bookstore or search the web for the best book buyback deal.
There's reason for students to choose the latter option. Textbooks can be quite pricey. A Government Accountability Office report from several years ago found that college textbook prices have increased at twice the rate of inflation. Another study from the Advisory Committee on Student Financial Assistance said that American college students typically spend anywhere from $700 to $1,000 a year on textbooks.
In time for the holidays, Amazon, the book-selling behemoth, has thrown itself into the buyback marketplace. The company recently unveiled its trade-in program for used, good-condition textbooks. Here’s how it works: Users type in a book title and see what amount Amazon offers. If you decide the price is right, the company gives you a pre-paid shipping label and awaits the book's arrival by mail. Amazon then puts a gift card in your online account.
Barnes & Noble also has such a program that offers a check rather than store credit. For a comparison, here's what you, the seller, would receive back for the following titles from the two companies:
• The Federalist Papers: $1.25 at Amazon; $1.85 at Barnes & Noble
• Human Anatomy and Physiology: $76.30 at Amazon; $76.85 at Barnes & Noble
• Abnormal Psychology: $53.80 at Amazon; $54.20 at Barnes & Noble
• The Tipping Point: $3.75 at Amazon; $3.70 at Barnes & Noble
To be sure, both of these retailers are competing with campus bookstores.
As Betsy Gaire Schneider, director of the Washington University Campus Store, said in an e-mail: "Competition isn't something new to the bookstore industry. ... We truly welcome this competition, as it keeps us sharp in the services we provide." She added that although the used-book business remains strong, "we do see [an impact]. We can only assume that some of this impact is due to peer-to-peer and online retailers."
The Wash. U store offers students a campus store gift card or cash for their buyback transaction. There's also a pre-registration program that offers additional discounts. The store pays up to half of the original price for textbooks that are re-ordered for the next term. The same deal is in place at the St. Louis Community College bookstores. Beth Reitz, coordinator of the SLCC-Meramec Bookstore, said students districtwide receive cash for their books. "It's the setup that's best for everyone involved," she said.
Cash is clearly the currency of choice at area campus bookstores. SLU, Webster, Fontbonne and Harris-Stowe all offer the green. It's one way that campus stores differentiate themselves from some online retailers.
As Terri Vogler, textbook supervisor at the University of Missouri at St. Louis University Bookstore, which offers cash only, said. "There are lots of online options to buy and sell books, but I think students like to have the cash in hand rather than bookstore bucks. And it's appealing to get the money right away rather than sending something through UPS."
If the buyback offers are similar, that is.
Of course, there's always another option for students -- the growing book rental market. But that's a post for another day.